15th November 2017.

Businesses Report £262m in Fraud Losses

Recent data has shown that UK businesses are losing £262 million each year on account of fraud.

The statistics were obtained from national fraud and cyber-crime reporting centre, ActionFraud, and revealed that businesses submitted almost 40,000 reports to the police about fraud in 2016-17.

The highest losses sustained by businesses resulted from incidents of cheque, plastic card and online bank fraud (£46.7m).

Akhlaq Ahmed, forensic partner at tax and audit consulting firm RSM said: “Frauds against businesses can range from the very simple to the very sophisticated”.

The highest number of reports were in fact committed by consumers themselves; where refunds were obtained from stolen goods, labels were switched on clothes, or people left restaurants without paying. This ‘retail fraud’  accounted for £7.7 million in losses.

Ahmed insists businesses can avoid such concerns by “simple controls”, he believes businesses are far too complacent about fraud risks and should be more proactive in ensuring defenses are in place.

“Those that don’t take action can find themselves very exposed”, he urges.

This week- November 12 – 18- marks International Fraud Awareness Week, promoting anti-fraud awareness and education.

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

See all our latest news here!

Keep up to date with the latest news by following us on social media:-

CPA on Linkedin

CPA on facebook

CPA on twitter

Watch the video to find out how CPA can help you!

Read Our Blog – How to overcome common excuses for non-payment

Read our blog – Debt collection agency

Read our Cash Flow Advice

Read about our overdue account recovery service

Read our blog – What is credit management?

Read our blog -What is a credit management company?

Read our blog -Credit Management that works!

Read our blog – How to select a debt collection agency

click to see read about our successes

Please call us on 0330 053 9263 to discuss how CPA can help your cashflow. Alternatively, either email us or use our contact form.

I consent to supplying my personal information that may be used for marketing purposes and agree with the privacy policy.