A majority (58%) of key decision-makers in large UK businesses surveyed by UK-leading fraud prevention service, Cifas, have admitted fraud and financial crime poses a serious threat to their organisations – up from 49% in 2023.
Fraud currently accounts for around 40% of all crime in England and Wales and remains a critical issue for companies to tackle – from employees being targeted and insider threats to supplier fraud and cyber-attacks.
Cifas’ survey of 500 leaders responsible for training staff, and whose organisations operated with 1,000 or more employees, also showed 98% of respondents felt it was important to protect colleagues from becoming victims of fraud – an 18% increase from last year.
Meanwhile, 50% of those surveyed were ‘more concerned’ about their company being targeted by fraudsters or experiencing a cyber-attack since making changes to their operations, such as introducing hybrid working.
Promisingly, 77% of key decision-makers said their staff training budgets had increased in the last year, suggesting more organisations prioritised how to strengthen fraud defences, workplace safety, and safeguard employee welfare.
Alarmingly, 40% of respondents said fraud was not a concern.
Mike Haley, Cifas CEO, said: “It is encouraging to know that many business leaders understand the severity of fraud and understand that they must invest in measures that protect their organisations, workforces, and customers.
“I would urge those decision-makers who believe that fraud is not a threat to their business or staff to think again. Any business can be targeted and without effective counter-fraud controls in place, the consequences can be significant.”
Rachael Tiffen, Director of Learning at Cifas, added: “Upskilling your workforce has never been more important. Developing fraud prevention knowledge means your employees will not only help to identify and report criminal behaviour in the present, but also empower them to detect incidents of dishonest conduct and mitigate future risks.”
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