Business fraud is simply the intent or the act of misrepresentation – scammers lying about themselves or their actions and services – to cause a gain or loss.
With limited resources and in tough economic conditions, small and medium-sized enterprises (SMEs) tend to think more about innovation, growth and survival rather than due diligence, internet controls and risk management. These can often seem expensive, hard work and involve a lot of paperwork.
But this approach leaves SMEs particularly vulnerable to fraud, with many owners and managers unaware of the risks their businesses face.
It’s important to recognise that a fraud can come from anywhere, including:
- staff members
- customers
- suppliers
- third parties, unconnected to the business
From the start, fraud can seem complicated and difficult to understand, as criminals use a variety of tools and techniques.
We can’t provide a single solution to prevent all business fraud, but the information in the link below will help you identify the most common types and take action to protect yourself, your staff and your business.