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Fraud affects 1 in 4 small businesses every year. Last year fraud losses to SMEs were estimated at £18.9 billion.
It can happen to any type of business in many different ways, and no business is too small to be targeted. This means that the revenue, reputation and long-term health of your business could be at risk unless you take action.
Fortunately, there are simple things you can do to take control and help protect your business. The most important investment you can make is to take the time to identify where you may be at risk from fraud. It is understood levels of risk taking can play a part in business, but you must know, assess and reduce those risks where possible to stay in control.
Whilst all businesses are different, there are general principles that can be applied regardless of size or type. This information focuses on four key areas that you should think about in order to know your fraud risks and protect your business. There is no one-size fits all approach to fraud prevention. Instead, it is about adopting a general mindset of awareness and action in the parts of your business that could be vulnerable.