Small firms in danger of falling victim to rise in fraud sparked by the opportunistic and desperate as recession bites.
Difficult economic times tend to foster the criminally opportunistic and create desperate individuals within businesses who may try to take advantage of their position to deal with personal debt.
This is the warning released today by Ros Wright, former director of the Serious Fraud Office and now chairman of the Fraud Advisory Panel (FAP).
According to the FAP reported fraud against businesses has risen significantly over the last 12 months.
Ros Wright said:
Recession brings enormous pressures and it’s tempting for small firms to treat fraud as the least of their worries. But coping with the consequences of even a small fraud can consume huge amounts of time and resources which are already at a premium. Fraud prevention is an essential part of any downturn survival strategy.
Advice offered by the FAP for all small business owners includes:
All good, practical advice, albeit a subject that most small business owners will want to put to the backs of their minds.
Nevertheless, as long as procedures are communicated clearly, most staff should be more than happy to see the financial security of the business they’re working for is being protected.
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