3:10pm Thursday 10th December 2009
THE National Fraud Authority has revealed a new insight into the fraud fears of businesses in the South-West.
The study says that 49% of firms say fraud could destroy their business while 62% said they thought fraud was more likely to happen during the recession Other findings were: * 28% of small businesses in the region have already been victims of fraudulent activity * 18% are taking further steps to counter fraud in their organisations as result of the recession The study also revealed the top three fraud fears for small businesses in the South-West were: fraudulent payments (59%), fraud committed by employees (47%) and procurement fraud such as kick-backs, inadequate goods supplied or over billing (24%).
The National Fraud Authority, the Government’s strategic lead organisation on counter-fraud activity, is leading the fight to reduce the UK's fraud losses – currently estimated at £14billion but now believed to be considerably higher.
NFA chief executive Dr Bernard Herdan said: “Fraud is rife across the UK and costs us all dearly. Recent research revealed small businesses are frustrated by the lack of a central reporting facility and our new Action Fraud service is a direct response to this need. It is now much easier for any fraud victim to report the crime and gain the support they need.
“We’re visiting the South-West to meet local business people and those in the counter-fraud community face-to-face to share our experiences and expertise.
“I’m looking forward to hearing their thoughts and sharing the work we have been doing at a national level. There’s been a lot of progress but we need collaboration with partners in the regions to build a lasting and effective counter-fraud effort.”
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