Brian Sims
Editor
Brian Sims
Editor
THE CLEAR majority (ie 58%) of key decision-makers in large UK businesses surveyed by leading fraud prevention service Cifas have admitted that fraud and financial crime pose a “serious threat” to their organisations. That figure is up from 49% in 2023’s survey.
Fraud currently accounts for around 40% of all crime in England and Wales and remains a critical issue for companies to tackle: from employees being targeted and insider threats through to supplier fraud and cyber attacks.
Cifas’ survey of 500 leaders responsible for training staff, and whose organisations operate with the benefit of 1,000 or more employees, also shows that 98% of respondents feel it’s important to protect colleagues from becoming victims of fraud. This represents an 18% increase from last year.
Meanwhile, 50% of those surveyed were ‘more concerned’ about their company being targeted by fraudsters or experiencing a cyber attack since making changes to their operations, such as introducing hybrid working.
Promisingly, 77% of key decision-makers said their staff training budgets had increased in the last year, suggesting that more organisations are now prioritising how to strengthen fraud defences, embolden workplace safety and safeguard employee welfare.
Alarmingly, 40% of respondents said that fraud isn’t a concern for them.
Severity of fraud
Commenting on the survey results, Mike Haley (CEO at Cifas) explained: “It’s encouraging to know that many business leaders understand the severity of fraud and the truism that they must invest in measures designed to protect their organisations, workforces and customers.”
Haley continued: “I would urge those decision-makers who believe that fraud is not a threat to their business or staff to think again. Any business can be targeted and, without effective counter-fraud controls in place, the consequences can be very significant indeed.”
Rachael Tiffen, director of learning at Cifas, added: “Upskilling your workforce has never been more important. Developing fraud prevention knowledge means that your employees will not only help to identify and report criminal behaviour in the present, but it will also empower them to detect incidents of dishonest conduct and mitigate future risks.”
*Cifas has developed a range of products and services designed to help organisations prevent fraud and keep their employees and customers safe. Take a look at the Cifas Fraud and Cyber Academy and the Digital Learning programme
**Download copies of the Cifas Learning Survey 2024
