“Cyber attacks remain chief concern for 75% of UK businesses” reports Cifas

However, despite fraud costing UK businesses billions of pounds each year and it being the most common type of crime (accounting for over 40% of all offences in England and Wales), 8% of respondents said they were ‘not concerned about any type of fraud’ during the coming year.

Cifas surveyed key decision-makers responsible for training staff within large UK corporates, the majority of whom admitted that cyber attacks remain a growing concern. It’s a form of criminality which UK businesses experienced just over two million times during 2022-2023.

As hybrid working and ‘remote-first’ operations continue to be the norm for many organisations, having appropriate counter-fraud measures and internal controls in place that ensure workforces are protected, regardless of location, is critical. Additionally, making sure that employees are not targeted by fraudsters – and potentially disclose sensitive information in exchange for cash – remains a foremost concern for just over half (ie 54%) of those surveyed.

Despite the fraud threats associated with increased home working, the risk posed by the ‘insider threat’ is a concern for only 42% of respondents, with the same percentage worried about episodes of supplier fraud.

Long-lasting repercussions

Commenting on the research findings, Rachael Tiffen (director of learning at Cifas) explained: “The harm fraud can exert on an organisation is often underestimated, yet far-reaching. It can result in devastating and long-lasting repercussions from which many businesses struggle to recover.”

Tiffen continued: “While large corporates know it’s vital to tackle the increasing threat of fraud, they must have the operations and investment in place to enable their workforces to better understand the impact fraud can have, not to mention the ripple effect it can cause throughout their organisation.”

According to Tiffen, equipping members of staff with the specialist tools and knowledge they need to identify ever-evolving fraud threats confidently and accurately can prove to be a business-critical step forward.

“Fraud is everyone’s business,” concluded Tiffen. “Corporates that embrace an anti-fraud culture and prioritise prevention training will not only better protect their employees, who are very often the front line of the enterprise, but also safeguard customers and wider stakeholders, as well as defend against further financial and reputational losses.”