Regardless of your company size and the industry in which you operate, you could very well become a victim of fraud. Its effects can be devastating, and protecting against it is vital to the safety of your business.

Yet R3, the Association of Business Recovery Professionals, have recently published research in to the readiness of UK businesses to tackle the issue of fraud, and the results are alarming. Over half of respondents, 54%, had no agreed fraud prevention policy in place, with a further 11% saying they were unsure if they had one or what it covered.

Sole traders were the most negligent, with 70% claiming to have no policy, and small companies (2 to 5 employees) next with 56%. Large companies (250+ employees) were the most prepared, but it was still highly surprising to learn that 11% of these companies also had no fraud policy.

“Fraud is a staggeringly expensive problem for the UK economy, yet half of the country’s companies don’t have precautions in place to protect themselves against fraudsters. Businesses in every sector and of all sizes are at risk. An agreed written risk policy should outline a company’s strategy for preventing, detecting and dealing with fraud.”

Frances Coulson, Chair, R3 Fraud Group

Read the full article here:

R3: Association of Business Recovery Professionals

Rescue, Recovery, Renewal - R3: The voice of business recovery. Our experts have helped thousands of businesses and individuals get financial help. Over the years we've helped turn around thousands of businesses.

Fraud is a serious problem, and this research should serve as a potent reminder to companies of all sizes across the UK to take action to prevent fraud affecting them. Whether your business is online or not, you could well be targeted by fraudsters and criminals, and it is essential that you have policies in place to hopefully prevent it or at the very least mitigate its impact.

about encompass

Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.

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