More than 20 cases with a value of £96 million were reported – compared to the same period during 2009, where there were 18 cases worth just £24 million. The whole of 2009 saw a total of only £77 million.
Mortgage fraud accounted for over half of all fraud committed against the financial sector in this period. One of the biggest cases was worth £50 million, involving two solicitors who were charged with commercial mortgage fraud in relation to obtaining a money transfer by deception and dishonesty, while an estate agent was jailed for six years after attempting to pull off a £2 million mortgage fraud after stealing the identities of two homeowners.
Hitesh Patel, partner, KPMG Forensic said: “The fact that increasing amounts of mortgage fraud are being prosecuted is cold comfort for the financial services industry. Clearly, more of it is coming to light and more will follow. It is highly probable that the issue is far bigger than our figures demonstrate.