Fraud is Costing Small Businesses Nearly £8bn

13% of small and medium-sized firms are affected by company fraud, with 1% losing over £10,000 Company fraud affected 13% of the UK’s small and medium enterprises, costing 286,000 businesses a total of almost £8bn, according to information group Experian’s small and mid-sized business reputation index. While the average amount of money lost per business was £2,627; company fraud cost 3% of businesses up to £5,000, £1% between £5,000 and £10,000, and an additional 1% over £10,000. The findings made direct connections between employee numbers and fraud, with medium-sized firms (over nine staff members) experiencing higher fraud levels than micro-businesses (less than nine employees) – 27% compared to small firms’ 11%. Global information group Experian examined over 500 UK small business owne... »

Business Owners Prime Targets for Identity Fraud

As previously reported, owners of small businesses are two-and-a-half times more likely to be targeted by identity fraudsters than the average UK resident, according to credit monitoring firm Experian. The situation is even worse for business owners employing more than 50 people â?? according to the Experian research, they are a worrying five-and-a-half times more susceptible than the average person to this kind of fraud. »