Fraud Squad boss Superintendent Fitz Bailey says that the number of fraud cases is grossly underreported.
"I have no doubt that many fraud cases are not brought to the attention of the police. Companies love to protect their image and as a result, they don't report it (fraud) to the police," he explains.
The superintendent was, however, unwilling to estimate the level of unreported cases, but he points out that investigations into some cases are abandoned after some executives learn of the likelihood of the case becoming public.
At the same time, Bert Samuels, attorney-at-law, who specialises in fraud cases, confirms that the incidence of fraud is escalating. He tells The Sunday Gleaner that in addition to the increase, he has also noticed that many of the cases involve persons with tertiary-level education.
"With the increase in electronic banking and the diversity in the methods of receiving and paying funds, there are new players on the frontier - where fraud is concerned - who are educated in computer fraud, and from that point of view, fraud is on the increase," he says.
"Gone are the days when it (fraud) was simply by forging a person's signature," the attorney pointed out.
In addition, Samuels points out that the increase in fraudulent activity is partly due to the fact that the fraudsters have widened their dragnet. He argues that the advent of the Internet and other technological advancements have made the world a global village that is being raided and exploited by educated kleptomaniacs.
"The Internet has widened the scope of persons, who they can fleece of their money, beyond the physical shores of Jamaica," he explains.