Simmers & Co

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Business and Fraud

Levels of business fraud continue to increase. In 2010, in the UK, it was estimated that total losses through business fraud amounted to more than 38bn. These frauds were carried out by Companies, professional gangs and by individuals at management level. Employees were guilty of passing information to accomplices on the outside; managers by paying themselves, or fictitious persons, unauthorised amounts. The Financial Services section was particularly hit with employees being groomed to embezzle funds or pass information to criminal colleagues.

Identity fraud levels continue to increase and the most popular of these is "phishing" scams in which emails are sent disguised as bank accounts demanding login details. There is no doubt that companies and individuals need to be more vigilant than ever to avoid these increasingly sophisticated schemes.