Corporate Fraud – What You Need to Know
The dramatic increase in fraud shows no signs of slowing down. Although the true annual cost of fraud to the UK economy is difficult to quantify, recent surveys have estimated it to be around £190bn, with private sector losses making up around 70% of that figure.
Business-related fraud in particular is on the rise and SMEs are the most at risk, with one in four small businesses falling victim to corporate fraud each year. The cost of fraud to small businesses in the UK in 2017 was estimated to be £18.9m and this number is expected to rise over the coming years.
Despite these figures, awareness about corporate fraud is still an issue amongst SMEs according to research, with as many as 31% of small businesses unaware of corporate fraud, including the shocking fact that 57% of business owners are completely oblivious of the potential risks to their livelihood. However, of those who have fallen victim to payment-related fraud, 71% now say that it is the biggest risk to their business.
From false accounting and invoicing to supply-chain fraud, there is a wide variety of ways in which a business can come under attack, both from external individuals or organisations or even an employee within the business.
Detecting potential fraud early can protect your business from significant loss, secure your reputation and retain revenue. UNW’s fraud data solution combines analytical techniques and technologies with expert human interpretation to interrogate datasets and identify anomalies or red flags that could indicate aspects of fraudulent activity.
UNW has experience in performing corporate fraud analytic tests for its clients in:
- Payroll – Ghost employees, duplicate bank details
- Payments – Compliance to authorisation limits, Benford’s Law, trend analysis, payments to unauthorised suppliers, invoice redirection
- Journals – Weekend journals, bank holiday journals, missing journals and Benford’s Law
For more information, please contact UNW Data Analyst Laura Hudson
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