A recent survey by VinciWorks reveals a gap between concern and action by organizations regarding fraud. While 48% of the 258 surveyed compliance professionals consider fraud a high concern, 38% of their organizations haven’t planned any fraud prevention training.
This lack of preparedness is particularly worrying considering the rapidly growing threat of fraud, as evidenced by BDO’s latest FraudTrack report. The report reveals a doubling of fraud cases in the UK, reaching a staggering £2.3 billion in 2023, alongside an 18% rise in reported incidents.
Tackling fraud requires proactive action. Don’t wait for your bank accounts to be drained before investing in fraud prevention procedures. Spending a little bit of attention now on equipping staff with the knowledge, tools and systems to fight fraud is going to pay dividends in the future. Fighting fraud is about mitigating risk, as well as showing your business is responsible and capable.
Nick Henderson-Mayo, Director of Learning and Content at VinciWorks
The VinciWorks findings come just weeks after the UK government launched a major campaign to fight fraud. With fraud now accounting for approximately 40% of all crime in England and Wales, according to UK government data, there is an urgent need for businesses to prioritise risk management and preparedness in this area.
