Fraud And Business Continuity?
Fraud Reaches a New High
The analysis of fraud trends during 2011 by CIFAS – the UK’s Fraud Prevention Service reveals a 9% increase in the overall level of fraud in 2011
A recent common misconception is that fraud is about identity theft, or only targets individuals, this is only partly true as the purpose of identity theft is usually to defraud companies or financial institutions. Many financial services organisations have been busy implementing fraud detection and prevention measures. This seems to have worked for insurance companies who have seen a 26.3% fall in fraudulent claims during 2011.
Is your Business Continuity Prepared for Fraud?
Now is the perfect time for your organisation to review its Business Continuity arrangements, not only to ensure that it adequately protects your business against crises, but also to make sure that the scenarios in you business continuity plans include the types of fraud that your company could fall victim too.
Darren Wray