69% Of Managers Fail To Protect Themselves, Their Business AND Their Staff From Fraud

Nearly half of all business owners believe it’s “unlikely” they’ll fall victim to a financial scam, despite fraud figures suggesting otherwise

69% Of Managers Fail To Protect Themselves, Their Business AND Their Staff From Fraud

69% of UK business leaders and managers are failing to protect themselves, their business and their staff from fraud, according to new research from Financial Fraud Action UK (FFA UK).

The survey of 1,000 business owners revealed that 48% have “little to no concern” about falling victim to financial scammers, while 49% believe it is unlikely their business will ever be affected by such an issue.

This appears to be a misplaced sense of security however, as 28% of respondents also admitted they’ve already fallen victim to a financial scam or attempted scam in the past two years.

The most common targets for fraudsters are senior management and business owners in small businesses (67%) and employees in large companies (40%).

The study on business fraud is part of the Take Five campaign which looks to combat financial fraud in the UK.

The Take Five campaign advises businesses to help protect themselves from financial fraud by adhering to the following:

1. Never disclose security details, such as your PIN or full password – it’s never right to reveal these details

2. Don’t assume an email request or caller is genuine – people aren’t always who they say they are

3. Don’t be rushed – a supplier or genuine organisation won’t mind waiting to give you time to stop and think

4. Listen to your instincts – if something feels wrong then it is usually right to pause and question it.

5. Stay in control – have the confidence to refuse unusual requests for information

Katy Worobec, director of FFA UK, said:

“Fraudsters are regularly targeting businesses and both business leaders and employees need to be more vigilant and aware of their tactics. For example, fraudsters will often use spoof emails to impersonate a senior member of staff to deceive employees into transferring money.

“They also pose as a regular supplier to the company and make a formal request for bank account details to be changed. Worryingly, this research suggests that business leaders demonstrate a degree of complacency when it comes to financial fraud. The reality is that businesses of all sizes are affected.”

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