Businesses Urged To Unite As Fraud Cases Rise 25%

New statistics have revealed higher losses due to fraud over the past year. As the cost-of-living crisis and economic turmoil contribute to a predicted 25% surge in fraud cases, businesses are being urged to join forces to mitigate this growing threat ...

Recent data from Action Fraud indicates that there was a nationwide 25% year-on-year increase in fraud cases for the period ending March 2022, as reported by the Office for National Statistics (ONS) ...

"As an example, Greater Manchester accounted for £70.3m in losses!"

In response, the North West Fraud Forum (NWFF), a collaboration of counter-fraud professionals from the public and private sectors within the region, is calling on businesses to allocate time and resources to counter-fraud measures in order to prevent further losses.

I can't emphasise more highly the significance of knowledge sharing and information exchange among businesses to remain informed about risks and mitigate threats. Statistics show that around 40% of all crime is fraud, so it's really important that we bring businesses together to share knowledge and information in order to combat fraud.

Fraud reaches more people than any other crime type and is also believed to be hugely underreported. Every business should report frauds and attempted frauds to the police or Action Fraud to ensure the relevance and accuracy of information and statistics.

In light of the growing complexity of business operations and the increasing use of technology facilitating fraudulent activities, business owners need to identify and flag potential fraud. I encourage you all to remain vigilant and proactive in detecting fraudulent activities.

Fraud is evolving and we all need to remain vigilant.

If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.