With 74% of fraud committed by exploiting weak internal controls, trust culture is simply not enough to protect your SMEs against SME financial fraud.
All companies are a target for fraud. This is the sad reality. Businesses of all sizes are put under constant strain by fraudulent activity, and without the proper controls to protect themselves, often incur massive losses as a result. The issue of fraud is particularly threatening to SMEs. These companies typically operate on a much lower turnover and as such, are at risk of more serious consequences should they suffer from a major fraudulent incident. In fact, financial instability caused by fraud can often put SMEs very existence at risk and as such, the threat needs to be taken seriously.
As a forward-looking SME, it’s time to take positive action in the fight against fraud by downloading our Payment Fraud guide, especially prepared for small and medium-sized enterprises, to learn how to:
Identify the three main types of payment fraud: CEO Fraud, Payment Diversion and Payroll Fraud
Reduce the risk of payment fraud with simple strategies such as self-evaluation
Take action by implementing a small business fraud prevention strategy appropriate to your business
Over three-quarters of mid to senior level finance staff know how to avoid security systems and processes, and how they could commit a fraud within their business – as an SME, can you realistically continue to afford to ignore the threat of SME finance fraud? Download the fraud sector guide for small to medium sized enterprises.
Preventing Fraud in the Payment Process
If money is the lifeblood of an organisation, it stands to reason that protecting your ability to make and receive payments is vital to ensure your financial heartbeat is free from unnecessary risk.
Payment Fraud: The Two-Faced Threat
One in five UK businesses has been a victim of fraud, and you could be one of them. In fact, if you were, it could take between 270 and 540 days before you even realised your organisation had lost money (ACFE, 2016). From here, it would take a further three months (on average) to investigate the incident and actually work out how it happened.
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