CYBERInsights: Love Business Hate Fraud – Simple, Practical Information & Mitigation
Looking for Simple, Practical Information about Business Fraud and how to mitigate it.
By: Iain Fraser – Cybersecurity Journalist Gibraltar
Tuesday, 4th April 2023
Love Business – Hate Fraud is a national campaign from the Fraud Advisory Panel and Barclays Bank to raise awareness of fraud and cybercrime against UK businesses, especially small ones (SMEs)
It comes as a new survey, commissioned to support the launch of the campaign, found that 44% of SMEs, and 49% of all businesses, agreed that fraud was a major risk to growing their business over the next two years.
All businesses – large and small – are susceptible to fraud. Catching it early can prevent losses, reputational damage or even business collapse. Fraud is now the UK’s most common crime, followed by cybercrime. Fraud and cybercrime are the most disruptive crimes affecting business & the average business loses about 5% of revenue to staff fraud alone each year.
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