Company Fraud
Business fraud is simply the intent or the act of misrepresentation – scammers lying about themselves or their actions and services – to cause a gain or loss. With limited resources and in tough economic conditions, small and medium-sized enterprises (SMEs) tend to think more about innovation, growth and survival rather than due diligence, internet controls and risk management. These can often seem expensive, hard work and involve a lot of paperwork.
But this approach leaves SMEs particularly vulnerable to fraud, with many owners and managers unaware of the risks their businesses face.
It’s important to recognise that a fraud can come from anywhere, including:
- staff members
- customers
- suppliers
- third parties, unconnected to the business
