Corporate Fraud & Theft
Keeping your business under lock and key
Protecting your business from corporate fraud is just like looking after your home. No homeowner would go out leaving the doors and windows unlocked or let any stranger into their home. By taking simple precautions, a business can make itself more secure from the risks of corporate fraud and help keep fraudster away. And the costs don’t need to be too great, especially when compared with the losses if a business is hit.
The company that is cloned may see its losses just in terms of immediate financial costs. But a longer-term loss could be in the form of lost reputation with customers who might not want to deal with them because their confidence in the company’s security and stability is knocked.
For the business that supplied the goods or services to the fraudster there is also the issue of insurance costs. Whilst insurance might provide some cover, it won’t ever give complete recompense. As soon as a claim is made the premium goes up. And estimates of average individual losses for those companies that supply to a fraudster range from between £10,000 to £20,000 per transaction. Compare this to the cost of protection in the first place.
