Word: fraude
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...reasons for this trend is that middle management, often a company's eyes and ears for detecting illicit activity, regularly bears the brunt of redundancies during a slowdown. "When that layer's removed, you've eroded your internal processes which are there to control fraud or misconduct," says Hitesh Patel, fraud-investigation partner at KPMG in London. A key factor in fraud cases during Britain's last recession, in the early 1990s, it amounts to a "change to business strategy, without a change to the business process," says Patel...
...slump may also prompt fraudsters to rationalize their behavior. According to a survey published in February by British insurer RSA, 3% of adult Britons said hard economic times made committing insurance fraud more acceptable. We're seeing that already: the number of fraudulent claims rose 17% in the U.K. last year, with commercial claims accounting for a third of their value. (See pictures of the financial crisis in London...
...there's another reason for the surge in cases of deceit. Far from simply fueling fraud, there's nothing like a nasty bout of recession to flush swindlers out. By digging into their own operations amid the financial squeeze, firms are unearthing historical deception. In 2008, U.K. courts tried individuals for the fraudulent loss of some $450 million at the public and private organizations affected, according to KPMG, three times the amount in 2007. While some of that increase can be put down to wrongdoing prompted by the financial crisis, ongoing fraud uncovered as a result of the recession also...
...recession tightens, employees nervous about their own positions have found themselves blowing the whistle on others. Helping drive up fraud-related calls to the Network, "employees are saying, 'Hey, I'm not going to look the other way', because if my company can't make its earnings or can't safeguard its assets, then my job might be lost," says Ramos. With analysts forecasting plenty more fraud as a result of the global slowdown, whistle-blowers may have their work cut out for them...
...then, because this is Miami, there's fraud. Miami-Dade in recent years has seen a boom in Medicare and Medicaid scams. Last week Spain arrested - and sent back to the U.S. - a Miami man wanted by the FBI for allegedly submitting more than $10 million in false claims for his Hialeah medical-supply company. Last month the U.S. Department of Health and Human Services reported that while only 2% of the nation's Medicare recipients live in South Florida, the area received the highest reimbursements for medical supplies like inhalation drugs - about 20% more than the second highest recipient...