FraudTrack

FraudTrack has been produced by BDO since 2003 and is based on all UK reported fraud cases of over £50,000.  FraudTrack 9 examines the period from 1 December 2009 to 30 November 2010.  The sources include: The Serious Fraud Office, the Department of Trade and Industry, the Metropolitan Police and the UK’s national, regional and local press.

Under Starter’s Orders

The value of reported fraud rocketed to more than £2bn in the UK in 2011, representing a 50% increase on 2010’s figure of £1.4bn and the highest ever figure for our annual FraudTrack survey. This means that since its launch in 2003, when fraud totalled £331m, there has been a seven-fold increase in the cost of reported fraud.

FraudTrack 9 focuses on the common analogies between the world of sport and the world of fraud. Some frauds are committed by a team of people, others by individuals; some frauds can be very quick events, others can be drawn out and more complicated; often the frontrunners will be obvious, but there will also be underdogs that ‘come up on the blind side’ to steal the prize. Organisations also face similar challenges as those involved in sport. Competition is fierce, the stakes are high and, often as a result, both have been known to bring out the best and the worst in people. If a fraud is perpetrated against you or your organisation, the slur on your reputation, loss of employees, plummeting share price and loss of business are just some of the consequences. But, if you are well prepared and ‘fit for purpose’ to deal effectively with any incidents of fraud, these negative outcomes can be mitigated. Preparation, due diligence and safeguarding your organisation is key.

To read more of the FraudTack 9 report – Under Starter’s Orders - click here for your free copy.