Steps to shield your firm from threats.
Fraud costs the UK around £190 billion a year, with businesses bearing almost three quarters – £140bn – of those losses.
This worrying picture is backed up by the 2019 Fraudscape report compiled by anti-fraud body Cifas, which provides statistics for fraud committed by employees. The report read:
“Dishonest action by staff to obtain a benefit by theft or deception was the most common type of internal fraud in 2018, accounting for 46%. The most prevalent form of dishonest action during the year was theft of cash from the employer.
“The second most common fraud type was theft of cash from a customer, which rose to 22% in 2018 compared to 17% in 2017.”
Fraud can be characterised as rule-bending, but for businesses struggling to manage cashflow it can have catastrophic effects.