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 ...
Fraud is evolving and we all need to remain vigilant!
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.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about identifying and flagging potential fraud, it may be a great idea to call me on 01908 774320 and let's see how I can help.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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