Are you aware of the risks of fraud for your business?

By Claire Graham, partner at TLT and chair of the North West Fraud Forum
Fraud is a growing problem in the UK, with businesses of all sizes falling victim to various types of fraudulent activity, including cyber attacks.

The impact can be devastating, resulting in financial loss, reputational damage and even legal consequences.

New figures from Action Fraud found there were £183.4m reported losses from almost 42,000 cases of fraud, including cyber fraud, for both businesses and individuals in the North West over the past year.

ONS statistics show that fraud offences increased by 25% for the year ending March 2022, compared to the year ending March 2020. The Government predicts we will see fraud increase by another 25% in coming years, if we don’t improve counter fraud techniques.

The North West Regional Organised Crime Unit believes fraud, particularly within businesses, is underreported. Businesses will often be concerned with the reputational damage caused by a cyber crime, resulting in the issue being dealt with internally rather than being reported.

However, it’s essential for cyber crime and fraud to be reported to the police to enable them to collect the data required to build a better picture of these issues and ultimately improve how they tackle these types of crimes.

Launching the North West Fraud Forum
This ongoing and increasingly sophisticated threat to business is why we set up the North West Fraud Forum. Launched in August last year, the forum brings together counter fraud professionals from public and private sectors to raise awareness of fraud and increase the resilience of regional businesses.

The forum was set up with the support of the North West Regional Organised Crime Unit and a number of regionally based businesses, including annual partner Barclays. The organisation is led by a board of experts from both public and private organisations who share their knowledge to drive strategic change and collaboration to the ongoing fight against fraud.

Our goal is to educate businesses through as many different means as possible because prevention is key to tackling cyber crime.

We’re working together as a business community to share our knowledge and help other businesses educate themselves and set up protective processes to tackle these crimes.

Fraud is a serious and growing threat to all types of UK businesses. By taking a proactive approach to cybersecurity and implementing best practices against fraud, businesses can reduce the risk of falling victim to cyber fraud and protect themselves against the devastating impact of these attacks.

Any business which has experienced fraud should report it directly to Action Fraud.

Join the North West Fraud Forum 
The NWFF offers a low cost way to help towards keeping your business safe with information, knowledge, networking and events.

You can find out more about membership here:
https://northwestfraudforum.co.uk/

Join us at our breakfast seminar 
The NWFF is running an event on May 18, where we welcome Jenny Radcliffe, author and world-renowned ‘people hacker’.
Date: Thursday, May 18, 8.30am-11am
Location: Innside by Melia, Manchester,
1 First Street, Manchester, M15 4RP
Booking:
https://northwestfraudforum.wildapricot.org/event-5238797