Protecting your business against external fraud

Nov 21, 2016

Industry News

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External Fraud

 

Fraud risk is not only limited to people working within your business. There are various external threats as well. External fraud is the loss due to fraudulent action by a third party, external to the firm. This can have a serious impact on both your business’ reputation and its finances, so it is essential that you are familiar with some of the more common frauds.

External fraud against a company covers a broad range of schemes. Dishonest vendors might engage in bid-rigging schemes, bill the company for goods or services not provided, or demand bribes from employees. Likewise, dishonest customers might submit bad cheques or falsified information for payment, or might even attempt to return stolen or knock-off products for a refund.

Organisations might also face threats of security breaches and thefts of intellectual property perpetrated by unknown third parties. These include theft of proprietary information, insurance fraud and computer hacking.

With an 8% increase in External Fraud from 2015 to 2016, can your business afford to be left unprotected?

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