The report surveyed 400 financial decision makers across the UK, revealing that while the number of companies that experienced fraud had declined somewhat from the prior year, fraud remains a major concern. Two thirds of businesses impacted by fraud recover less than half the loss.
The impact of fraud continues to be significant, says Ed Adshead-Grant, General Manager, Payments, Bottomline Technologies. Anti-fraud protection measures seem to be working, and companies are getting more intelligent about managing their operations. However, the real cost of fraud remains -- with investigations expensive and full recoveries elusive.
According to the Barometer Report, almost 15% of respondents were impacted by fraud in the past year. 44% said they are confident that their organisation had not been a victim of fraud (up 11% from 2017) and a little more than 41% were unsure. These findings reflect the increasing effectiveness of anti-fraud protection measures.
The survey results showed that of those affected by fraud, most were unable to calculate how much money they lost. The most common answer (at 27%) was between GBP 10,000 and GBP 50,000. Nine percent lost between a quarter of a million and a million pounds, while 2% lost more than GBP 1 million.
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