Fraud: The Growing Crises

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Foreword

Fraud is the largest crime type in the UK, with individuals, businesses and organisations being all potential victims. The sums involved are vast - while exact figures are hard to acquire, it is estimated1 that that this costs the UK economy GBP137bn each year2. However, the exact figure is likely to be higher, since many victims do not report offences for a variety of reasons, such as concern around negative publicity.

This increase in fraud is set against the backdrop of austerity cuts and the limited capacity of law enforcement to investigate such high levels of crime. Furthermore, the effect of Covid 19 led to a huge spike in fraud; added to this is the current political climate and economic uncertainty, which is likely to result in wider and significant cuts in government budgets, combined with the cost of living crisis - the risk to businesses is at its greatest in times of an economic downturn.

No one ever expects to be a victim of fraud until it is too late – ensuring that appropriate means are in place to detect and prevent crime, the correct insurance policies are in place, and having a plan to respond to criminality quickly and efficiently, will minimise the risk of being targeted, help identify those responsible and give the best chance of recovering stolen funds or other assets.

With the onus on companies to do more to tackle criminality, and the potential for companies to be criminally liable if they fail to take adequate steps to prevent fraud, it is more important than ever that proper measures are put in place to reduce the risk of fraud, and to respond effectively if it were to happen.

Being a victim of crime is a horrendous experience, and it is often difficult to know which way to turn, and who to turn to – this white paper explores the patterns and trends of modern fraud, and provides advice on how to mitigate, and respond to, should it occur. In many cases, speed is of the essence, and identifying investigators, specialists, and suitably lawyers, can take time, during which evidence is lost or stolen assets dissipated. Our team at AnotherDay can advise and respond from the outset, allowing the client to focus on their company and getting their business back on track.