SME’s ostrich-like attitude to rising fraud levels is laying them wide open to attack.
Just a third of the
Although 76% paid lip service to the importance of managing risk, few could give details of how they were proactively tackling fraud.
Hitesh Patel, director of Fraud Investigations at KPMG Forensic, charges mid-sized companies to follow the lead of larger organisations and tackle the problem upfront.
“It is more effective to spend time developing systems to prevent fraud than dealing with the damaging fall-out from a successful fraud, which in extreme cases can lead to the collapse of a business,” he said.
Less stringent regulations and poor or mistaken leadership have contributed to the apathy in the market, he believed.