The biters are being bitten

 

There is a certain irony that the latest victims of the downturn are the UK’s Pay Day Lenders who have been targeted by organised crime gangs. In the first 8 months of 2013 cases of identity fraud against loan companies rose by 90% compared to 2012.

 

As the economic downturn continues to bite all businesses and organisations must remain alert to the potential for fraud.

 

Entrepreneurial owners of SME’s are a prime target for fraud as overseeing finances doesn’t always come naturally to them.

 

If a founder is focusing mainly on the product or service being sold, and only minimally on administration, it leaves a business vulnerable to fraud.

It is vital to have systems in place to monitor all the company’s finances in a clear and concise format.

 

After all it is rarely comfortable to find that someone is holding your wallet.

 

However all businesses be they independent or large corporations are vulnerable Corporate fraud can take many forms such as invoice kickbacks, sales schemes, bid rigging and the like.

 

It is an undeniable fact that there will always be people trying a variety of ways to “scam” your organisation; it is a problem that will not go away so vigilance is the order of the day.