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Financial fraud of little concern to business leaders

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Financial fraud of little concern to business leaders

Recent research from Financial Fraud Action UK (FFA UK) published last week reveals shocking statistics regarding cyber crime. Two-thirds of businesses leaders and managers (69%) admitted to not having taken any action to protect their business and employees from financial fraud.

Key financial fraud research findings:

  • 48% of business leaders have little to no concern about falling victim to financial scammers
  • 49% believe it is unlikely to happen to their business
  • 37% have never spoken to employees about fraud, despite the fact that in a 26% of scam cases an employee was approached directly
  • 77% admit that they have never heard of CEO impersonation – where fraudsters send a spoof email purporting to be from a senior representative of the company requesting a payment to a new account

Whilst these statistics make alarming reading, we’re not surprised. Despite the increasing frequency and severity of cyber attacks the matter still seems to be of little concern to most businesses. Just this week a local company informed us that they aren’t planning to consider cyber security measures until next March.

High profile incidents such as the recent attack on Tesco Bank may lead business leaders to assume that cyber criminals are only interested in targeting large corporations. Sadly they are wrong.

We are aware of several local small businesses that have fallen to victim to cyber crime. One Exeter based company was hit with a virus (transmitted via an email attachment) which shut down the business for almost two days.

Without adequate cyber security measures all businesses are vulnerable to financial fraud.

The business fraud study is part of a national campaign to combat financial fraud in the UK. To find out more click here.

If you’d like help or advice on any aspect of cyber security please email us at or call us on 01392 207194.


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