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Businesses warned about rising instances of fraud

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Yorkshire business are being warned to be on their look out for increasing cases of fraud.

The call has come from Zolfo Cooper’s Forensic and Litigation Support Services.

Its director, Paul Huck, said:

Businesses need to keep their guard up when it comes to the rising instances of fraud. A number of indicators, including today’s application fraud figures, released by Experian, point to an increase in overall levels of fraudulent activity.

The rise in application fraud could also mean an increased risk to businesses providing credit terms and finance to customers. In order to prevent this, acceptance procedures should be checked to ensure they are adequate.

These statistics may also suggest an increased risk of employees committing fraud in the workplace by falsifying expenses or invoices. The onus falls on the employer to ensure the right steps are taken to mitigate the risk of fraud. Companies need to be more cautious when approving requests and putting through invoices to ensure they are not unwittingly approving fraudulent claims.

Putting in place a robust system to check all invoices and claims is also paramount if firms are to tackle the ever-increasing threat of fraud in the workplace.

 


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