Ken Dulieu analyses the risks of corporate fraud within firms
Fraud now accounts for over 33 per cent of crime in the United Kingdom, an alarming figure which is growing substantially year on year. It has become the single biggest risk to our economic recovery from Covid 19, with the government-backed Covid 19 Loan Scheme set to see tens of billions of pounds lost through fraud and default.
Companies are now more at risk from fraud than at any time in history. In fact, research from accountancy firm BDO has revealed around 60per cent of mid-sized UK firms were hit by fraud in 2021, with an average loss per firm of £245,000.
Whilst half the frauds reported came from external parties, a staggering 34 per cent of businesses surveyed said their fraud had “involved collusion&rdqu...