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Don't Be The Next Victim Of This Rising Crime: Tips To Fight Fraud

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Regardless of industry and business size, fraud is a serious and costly concern that can wreak havoc within your organisation. Indeed, recent research from Experian UK found that the annual cost of fraud is on the rise, totalling £190 billion in the past 12 months. In the current era of rapidly evolving technology and increased risk of cyber-attacks, organisations are exposed to fraud now more than ever. Don't let your business become the next victim of this expensive crime. Prepare for the worst and prevent financial loss with this guidance:

  • Understand your business operations — Make sure you fully comprehend key aspects of your organisation, as this will help you detect potential vulnerabilities and issues sooner. This includes being familiar with staff members, knowing your customers and suppliers, fully understanding your financial practices and identifying routine operations that take place on the premises.
  • Develop a strategy — After labelling top vulnerabilities within your business, develop a plan of action to mitigate or eliminate fraud risks. This could include improving on-site security (e.g. guards, limited access areas or security cameras) and protecting against cyber-crime (e.g. training staff, implementing proper policies, enforcing strong passwords and using encryption). Also, routinely update your strategy as risks and operations change.
  • Know who to contact — In the event that fraud does occur, it’s vital to act fast and inform the right people. Be sure to call your bank so that they can begin investigating the issue, tell your broker to discuss your insurance solutions and report the issue to the appropriate authority—such as Action Fraud.

The content of this Profile is of general interest and is not intended to apply to specific circumstances. It does not purport to be a comprehensive analysis of all matters relevant to its subject matter. The content should not, therefore, be regarded as constituting legal advice and not be relied upon as such. In relation to any particular problem which they may have, readers are advised to seek specific advice. Further, the law may have changed since first publication and the reader is cautioned accordingly.
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