A stark warning emerges from recent research showing rising concern over fraud among large UK businesses.
- A significant 58% of key decision-makers acknowledge the increasing threat of fraud and financial crime, up from last year.
- Fraud constitutes 40% of all crime in England and Wales, heightening urgency for effective countermeasures.
- Hybrid working models have led to increased apprehension about cyber-attacks and fraud.
- Investment in staff training is on the rise as businesses focus on fraud prevention and employee safety.
A recent survey conducted by a prominent fraud prevention service reveals a concerning trend among large UK businesses. More than half of key decision-makers fear the growing impact of fraud and financial crime on their organisations, a rise from the previous year. The survey highlights that fraud now accounts for approximately 40% of all crimes reported in England and Wales, underscoring the pressing need for robust counter-fraud measures.
The research further reveals that changes in operational models, such as the adoption of hybrid working, have intensified concerns about cyber-attacks and fraudulent activities. Half of the respondents reported heightened anxiety regarding their organisations’ vulnerability to fraud. This shift necessitates a proactive approach to safeguard not only organisations but also their employees and customers.
Encouragingly, the survey notes a positive trend towards increased investment in fraud prevention training. Seventy-seven percent of decision-makers report a boost in their training budgets. This increased focus on upskilling the workforce indicates a commitment to fortifying fraud defences and ensuring workplace safety. Such initiatives are crucial in empowering employees to identify and mitigate potential threats and dishonest conduct.
Nevertheless, it is alarming that 40% of leaders surveyed still do not perceive fraud as a significant concern, indicating a potential oversight in risk management strategies. Mike Haley, CEO of the fraud prevention service, emphasises the importance of recognising and addressing the severity of fraud risks. He cautions that every business is a potential target and calls for effective anti-fraud controls.
Rachael Tiffen, Director of Learning at the service, highlights the critical role of education in fraud prevention. She notes that developing employees’ fraud prevention skills is vital not only for immediate crime detection but also for future risk mitigation. This proactive stance is essential for creating a secure business environment.
The survey’s findings underscore the urgent need for businesses to enhance their fraud prevention measures and staff training initiatives.
