More than £260 million of fraud is going unreported, as the rising number of scams takes its toll on small and medium sized businesses (SMEs).
Research by law firm Slater and Gordon surveyed the owners and managers of 500 SMEs and found that fraud was committed by employees in one third of cases and by a contractor one in four times.
One in six SMEs revealed they had been victims of the crime in the last year, with false invoicing, identity fraud, exaggerated expenses claims, fictitious refunds and unauthorised withdrawals by employees being the most common violations.
Commenting on the findings, a spokesperson for the Firm says: "Small and medium sized enterprises are the backbone of the British economy and the loss of several thousands of pounds to a company can mean the difference between being able to invest and innovate or not.
"It is important to be vigilant. Having robust infrastructures can be crucial in stopping a fraud before it’s too late."
If you have any concerns that your business may have been subject to fraud, our forensic experts at Beavis Morgan are available to assist. Contact Simon Hammerton for further information and for a confidential discussion.
Whilst many companies do not need an audit due to rising thresholds, an audit can give comfort to business owners and act as a fraud deterrent. Contact Matthew Burge for further information.