Mortgage fraud making an impact - KPMG

In comparison, the whole of 2007 saw just ten cases, worth only £3.7m in total.

Banks have been the main targets of the significant spike in fraud cases coming to court – over £630m of fraud came to court in the first six months of the year, with more than half (£350m) involving crimes against the financial sector.

Hitesh Patel, partner at KPMG Forensic, commented: “Banks are working extremely hard to protect themselves and their customers from fraudulent activity, but the signs are that organised criminals and syndicates have been relentless in their efforts. Mortgage fraud cases have started to come through in the courts too – and it seems likely that there will be many more to come."