The first, Cybersource’s fifth annual UK Online Fraud report, revealed that 51 per cent of online traders are expecting to grow their business in 2009, with 13 per cent expecting to lose upwards of five per cent of their revenue to fraud this year.
Similarly a damning survey by the Federation of Small Businesses (FSB) revealed that 85 per cent of firms questioned by the organisation would report fraud and e-crime if they felt they could trust the police and if a dedicated reporting service was set up by the government.
As it stands, more than one-third of the 1,823 UK SMEs polled neglect to report instances of fraud, costing each company somewhere between £800 and £5,000 in lost revenue every year, according to the FSB research.
I have been covering fraud stories in CRN for many years and the overwhelming feeling among the business victims I speak to is that the police are just not interested.
This is a sad state of affairs. When fraud is not taken seriously it can lead to job losses and even company closures, particularly if a firm is targeted more than once.
As such, I fully support the FSB’s fight to get fraud and e-crime more recognised by the authorities. And the sooner this problem is addressed the better.
Sara Yirrell is editor of CRN
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