SMEs under fraud threat

SMEs are failing to proactively protect against fraud, despite occurrences continuing to rise year-over-year, according to KPMG

Two thirds of businesses with a turnover of between £5m and £500m do not have a dedicated anti-fraud policy. Additionally, 67 per cent of respondents did not believe fraud was on the increase.

Hitesh Patel, director of fraud investigations at KPMG, said: “The channel can be open to fraud because of the make-up of the sales network. However, this can be combated by better skills, tools and methodology.”

Eddie Pacey, director of credit at Bell Microproducts Europe, said: “Large enterprises have already implemented anti-fraud measures resulting in fraudsters shifting their focus onto smaller firms.”