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Global organisations 'lose 5% of revenues to fraud'
Jun 3 2010, 17:17 PM
A new report has suggested that companies may need to improve their data management systems in a bid to prevent fraud.
The Association of Certified Fraud Examiners (ACFE) research found that global organisations lose up to 5% of their annual revenues to such crimes, amounting to some £75 billion in the UK.
This comes despite more emphasis on the importance of safe data storage and anti-fraud controls.
James D Ratley, ACFE president, said that anti-fraud professionals face more challenges than ever as criminals try to invent new initiatives to break the law.
David Alexander, a forensic accountant at Smith & Williamson, said such levels of fraud cannot be ignored.
"[Organisations] need to institute robust anti-fraud controls and rigorously investigate all suspicions," he added.
The Information Commissioner's Office recently said that common data breaches include staff giving out information to the wrong recipients by mistake.
It urged British businesses to improve data management procedures and be extra vigilant to prevent mistakes like this occurring.
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