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As Britain struggles to pull itself out of the recession there are many obstacles in its way to recovery. In particular, there has been a distinct increase in fraud activity and risk during the economic downturn with individuals and business being targeted alike.
Between 2008 and 2009 there was a reported increase in identity fraud of 40% a trend which has then been followed with figures from the first half of 2010 showing a further increase of 22%. Dealing with even a small fraud case eats into valuable management time. Fraud can have a significant impact on a large company and even destroy smaller ones. As a result fraud prevention has become an essential part of any businesses recession survival.
There are several reasons for the increase in fraud cases during the recession. The most obvious is the increased difficulty for people trying to get credit. This can result in staff exaggerating expenses claims, borrowing from the tills or even stealing stock to try and get out of debt while companies who are in the business of lending are also at an increased risk of fraudulent applications. Business managers and owners will also be under pressure to keep their businesses afloat and as a result may resort to falsifying accounts and sales records or turning to less traditional forms of money borrowing when turned down by the bank.
Throughout the recession we have seen a decrease in application fraud, however we have seen a sharp rise in facility take over fraud and the increased popularity in impersonation cases. Facility take over, also known as account fraud, is when the criminal gains access and control to the victims bank accounts. This has an extremely damaging effect on the victim not just financially but also psychologically. On average there has been 275 cases of impersonation fraud alone a day throughout the first 6 months of this year. With this trend continuing to grow it is time to ensure that you are protected against fraud criminals. You can do this through the services of an accountant such as Anderson Anderson Brown who provide a specialist fraud investigation and protection service to ensure that you will be completely protected.
Between 2008 and 2009 there was a reported increase in identity fraud of 40% a trend which has then been followed with figures from the first half of 2010 showing a further increase of 22%. Dealing with even a small fraud case eats into valuable management time. Fraud can have a significant impact on a large company and even destroy smaller ones. As a result fraud prevention has become an essential part of any businesses recession survival.
There are several reasons for the increase in fraud cases during the recession. The most obvious is the increased difficulty for people trying to get credit. This can result in staff exaggerating expenses claims, borrowing from the tills or even stealing stock to try and get out of debt while companies who are in the business of lending are also at an increased risk of fraudulent applications. Business managers and owners will also be under pressure to keep their businesses afloat and as a result may resort to falsifying accounts and sales records or turning to less traditional forms of money borrowing when turned down by the bank.
Throughout the recession we have seen a decrease in application fraud, however we have seen a sharp rise in facility take over fraud and the increased popularity in impersonation cases. Facility take over, also known as account fraud, is when the criminal gains access and control to the victims bank accounts. This has an extremely damaging effect on the victim not just financially but also psychologically. On average there has been 275 cases of impersonation fraud alone a day throughout the first 6 months of this year. With this trend continuing to grow it is time to ensure that you are protected against fraud criminals. You can do this through the services of an accountant such as Anderson Anderson Brown who provide a specialist fraud investigation and protection service to ensure that you will be completely protected.
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