Steep rise in cases of payments fraud

The UK payments industry has seen a dramatic increase in fraud in recent months. Between 1 January and 30 June, the number of cases of fraud increased by 53 per cent, according to data from Financial Fraud Action UK. Cases of financial fraud, involving online and phone banking, debt and credit cards, cheques and deception scams, increased to 1,007,094, compared to 660,308 cases reported during the same six-month period in 2015. The news has sparked a national campaign, named Take Five, aimed at combating fraud.

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 deterrent to staff. Contact Matthew Burge for further information.