For any business unfamiliar with Kroll, it is an international, market leading investigative and business services company. The company produces a fascinating annual fraud report and has just published the latest version, which can be downloaded, after registering, here. We recommend all businesses should read this report.
The Kroll Report is very useful on a number of levels, not least if you are business which does a lot of business abroad, especially in Emerging Markets or the Far East. However, our focus, for this blog post, is on the UK.
Some important findings, on a European level, from the latest Kroll Report, were :-
1.Whilst the number of companies surveyed who advised their business has been impacted by fraud in the last year reduced from 71% to 63% the percentage is still very high. It suggests that over a period of only a few years, almost all businesses face the very real possibility of an attempted or successful fraud.
2. A big increase, year on year was noted by Kroll, in terms of companies perceiving their vulnerability to come from regulatory or compliance breach. This is interesting since laws have been in place for some years, such as the Data Protection Act, but businesses clearly perceive a change in attitude to enforcement. The previous culture, which can perhaps be described as “safety in numbers” (if everyone is partly or fully ignoring it, we can too) seems to be eroding. Businesses now consider that laws may well be enforced and are taking steps to comply.
3. Data for internal financial fraud and IP related fraud incidences are slightly higher in Europe than for other parts of the world, yet perceived vulnerability is lower for European businesses, which creates a disconnect.
4. Financial services, manufacturing and professional services are perceived as the industry sectors considered most vulnerable to fraud.
If, after reading the report, you would like to discuss any aspect of it with me or to find out more about how Darlingtons can help you with compliance and fraud prevention techniques, whether policies and procedures we can draft for you or practical measures based on having dealt with fraud cases after they have arisen, please get in touch. Of course also do get in contact if you believe that you or your business are the victims of a fraud. The quicker you act, the more we can do to help you.
Also, you can click here to go to our fraud advice page.
Haven't found what you need yet?
Why not search the whole site?