Fraud costs the UK economy billions of pounds every year.
No-one knows exactly how much fraud is occurring in the UK right now. In 2013, the National Fraud Authority estimated the loss to be £52 billion per annum and the Annual Fraud Indicator 2016 from the University of Portsmouth suggests that it is nearer £193 billion.
Global research produced in 2017 shows that fraud losses for an organisation is found to be in the range of 3-10%, with the average being 5.85%. In other words, all organisations should expect to be losing at least 3% of their expenditure to fraud!
All organisations, whether Public or Private Sector, large or small, are at risk from fraudulent activity and this may result in:
- Serious financial loss
- Reputational damage
- Lack of customer confidence
Apart from the fraudsters themselves, the largest contributing factors towards this risk are:
- A lack of awareness; and
- Controls that are not fit for purpose or not adhered to
Prevention is always better than cure so with this in mind, Counter Fraud Services can help you significantly reduce that risk.
However, should your organisation be unfortunate enough to find itself a victim of fraud, we can provide specialist services to investigate and gather evidence to support disciplinary and criminal investigations.
We can also offer:
- Fraud risk assessments
- Advice and support for pro-active anti-fraud exercises & data matching projects
Counter Fraud Services specialise in public sector work where the public purse is at risk, particularly with local authorities but we also provide comprehensive services to housing associations, charities and private sector clients.
Our vision is to:
“Provide a holistic, bespoke solution to reduce risk, save money and create an anti-fraud culture through knowledge and awareness”