business fraud

Concern Over Internal Fraud Among UK Small Businesses Rises 138% In Just One Year

Concern Over Internal Fraud Among UK Small Businesses Rises 138% In Just One Year

Concerns over internal fraud among UK small businesses has risen 138% in the past 12 months, according to a report by Bottomline Technologies. The UK Business Payments Barometer has revealed that while firms appear to be strengthening their defences – a majority remain in the dark over whether they are actual victims or not. Indeed, 56% of financial decision makers surveyed admit they don’t know if they’ve been targeted by fraudsters or not – suggesting businesses still aren’t doing enough to detect if they are being swindled by their own employees. It suggested that a rise in ‘salami fraud’, where thieves steal minimal amounts of money (even as low as 1p or 2p) that builds up over time, is a possible factor as to why small firm owners remain unsure about internal fraud. Despite the vague ... »

Business Fraud - The Growing Problem

Business Fraud – The Growing Problem

Small and Medium Sized Enterprises fear that they might be more at risk due to the financial crisis. An increase in fraud and other forms of financial crime is one of the unfortunate consequences of the current unstable financial environment across Europe, says John Davies, head of business law at ACCA (the Association of Chartered Certified Accountants) Citing recent figures from KPMG‘s Fraud Barometer, John Davies says there has been an increase in fraud cases – in the first half of 2009 over 160 cases of serious fraud, involving a total of £636 million, were brought before the UK courts: the highest 6-monthly figure in the 21 year history of the KPMG barometer. John Davies says: “It is a matter of concern that many businesses do not seem to be taking reasonable s... »