UK Fraud Real Problem For Business
16th January 2018.
As the UK embraces a burgeoning tech world, there comes the increased threat of fraud and cyber attacks. Fraud in the UK hit its highest level in 15 years in 2017, according to a new analysis, with financial services frauds quadrupling year-on-year. We are living in a world of greater transparency, with a lot of our personal information displayed across social media platforms for all to see. Here at the Credit Protection Association, we encourage our Members to have proper systems in place to protect their business from danger.
According to new research by accountants, BDO, the total value of reported frauds reached £2.11 billion during the last year.
The research found a total of 577 cases in 2017, almost triple the 212 cases reported in 2003. The average size of the frauds reported in 2017 reached £3.66 million, more than double the £1.5 million average in 2003.
Financial services crime accounted for the biggest increase, with a total value of £899.7 million in 2017, compared with £214.9m in the previous year.
Firms’ own employees are responsible for the largest chunk of the fraud bill, at £474m, BDO said.
The annual fraud indicator produced by accountants Crowe Clark Whitehill estimates an annual bill of £190 billion from fraud.
As the UK embraces new technology, fraudsters are finding new and more effective ways of cheating people out of their money. According to Crowe Clark Whitehall, fraud is now the most common crime in the UK. It is therefore important that businesses input proper safeguards to protect their business, as well as their employees. Anonymous tipping methods and ‘surprise’ audits are useful techniques to use within your own business.
Ultimately, your business is better off with a deterrent, so insist upon honesty with your employees and that should encourage loyalty. Here at the Credit Protection Association we are here to support our Members and will be there for help or advice if your cash flow has been hit by fraudsters. Get in touch with our team today!
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!
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