Despite over half (56 %) of UK organizations being affected by fraud, confidence levels in fraud prevention techniques are remarkably high, reveals research.
Callcredit Information Group’s Fraud & Risk report surveyed 201 fraud prevention managers and directors and found that a majority of businesses (75 %) believe they are one step ahead of fraudsters, with a mere 13 % feeling that they are lagging behind them.
Faced with a myriad of internal and external cyber security challenges, it is not surprising that more than half of organizations have experienced fraud despite high confidence levels. Employee access to social media (43 %) and bring your own device to work (BYOD) (35 %) are cited as the two biggest obstacles to fraud prevention. Further challenges include skills shortages (31 %), device proliferation (30 %) and lack of investment in technology (29 %).
The potential impact of the issue on the business? bottom line can be significant, with two thirds (66 %) of those affected reporting that the cost of fraud exceeded their annual cover provision by, on average, 23 %.