Are you worried about fraud in your business?
Have you been the victim of fraud?
Fraud is on the increase. It is estimated that one in three businesses will be targeted by fraudsters and that at least 5% of all business income is lost through fraud.
Imagine what that means to you if your profit margin is 5% - you are making no money...... and in all probability you are actually losing money without even knowing anything about it.........
Fraud is a crime that is often shrouded in ambiguity. It's sometimes difficult even to determine whether or not a crime has actually been committed unless you know what to look for.
In some cases, signs that are recognised are never followed up …. this can result from ignorance of the true situation, negligence, fear of being seen as a ‘whistleblower’ or apathy on the part of the person who notices something is wrong.
All businesses and individuals must learn to recognise the warning signs and discover whether problems are the result of a specific intention to defraud or if they represent other factors such as a genuine slip-up.
Organisations make the mistake of not actively searching for fraud. They tend to trust their employees and trust the procedures in place to safeguard company assets. It may be good business to trust employees and empower them to make a real contribution to the growth of the company - it is not, however, wise to turn a blind eye to signs that a trusted employee may be stealing.
In addition to corporate fraud, personal fraud is increasing at a terrifying rate and most people are unaware of just how easy it is for thieves to use their credit cards, obtain goods by deception or even steal their identity.
Fraud Facts:
The average organisation loses 6% of annual turnover through fraud
Fraud cases in the UK (only recorded prosecutions over £100,000) increased from £329m in 2004 to £942m in 2005
Fraud on the Internet increased from $5.7bn in 2004 to $13.8 in 2005
The overall cost of fraud in the UK is estimated to cost £16bn each year
25% of the UK population have been, or are aware of somebody, that have suffered Identity Fraud
Fight back against fraudsters and contact us now for professional advice.
Take the initiative and let us help you fight fraud NOW....
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Associate of the Association of Certified Fraud Examiners
