Prepare For The Forthcoming Surge In Fraud

The current economic emergency flowing from the spread of the COVID-19 virus has already resulted in a spike in the levels of fraud. The police issued statistics evidencing a 400% increase since mid-February.

It is not just the COVID-19 specific fraud attacking healthcare organisations and individuals – there has been a more general increase in the extent of fraud against all organisations, as people come under greater financial pressure or seek to benefit from the uncertainty. Fraud always increases faster in recessions and we now have an economic decline underway that is deeper than any experiences since World War Two. GDP is widely predicted to drop by at least 15% and possibly up to 25% in Q2 of 2020 which, based on historical experience, could lead to an increase in fraud of between 60% – 100%.

Our insight Prepare for the forthcoming surge in fraud looks at research into the likely increase in fraud, the best approach to take now and questions that every organisation should be asking.

Can SMEs afford not to get protected?

Don’t get caught out by the scourge of cybercrime. Fraud and cybercrime represented 43% of all crime in the UK in 2019, and cybercriminals are not just targeting big business or the vulnerable elderly either – SMEs are a lucrative target for them due to easily exploitable processes and controls, or the lack of, which tend to be in place.

Read more in our insight on how you can get protected.

For more details on how we can support you please contact Jim Gee, Partner at Crowe on 0207 842 7239.

View our COVID-19 fraud and cybercrime webinars and access further insights and webinars through our COVID-19 hub.

Forthcoming Surge In Fraud

  • Cybercrime Protection For SMEs
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  • Prepare For The Coming Surge In Fraud 10 Questions
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