More than half of UK large businesses fear fraud will impact their organisations – Cifas research 

• 3 in 5 surveyed believe fraud is a huge concern to their workplace 

• Cyber-attacks and fraudsters targeting the company remain chief concerns 

• CEO warns of financial and reputational risks if fraud defences aren’t prioritised 

A majority (58%) of key decision-makers in large UK businesses surveyed by UK-leading fraud prevention service, Cifas, have admitted fraud and financial crime poses a serious threat to their organisations – up from 49% in 2023. 

Fraud currently accounts for around 40% of all crime in England and Wales and remains a critical issue for companies to tackle – from employees being targeted and insider threats to supplier fraud and cyber-attacks. 

Cifas’ survey of 500 leaders responsible for training staff, and whose organisations operated with 1,000 or more employees, also showed 98% of respondents felt it was important to protect colleagues from becoming victims of fraud – an 18% increase from last year. 

Meanwhile, 50% of those surveyed were ‘more concerned’ about their company being targeted by fraudsters or experiencing a cyber-attack since making changes to their operations, such as introducing hybrid working. 

Promisingly, 77% of key decision-makers said their staff training budgets had increased in the last year, suggesting more organisations prioritised how to strengthen fraud defences, workplace safety, and safeguard employee welfare. 

Alarmingly, 40% of respondents said fraud was not a concern. 

Mike Haley, Cifas CEO, said: ‘It is encouraging to know that many business leaders understand the severity of fraud and understand that they must invest in measures that protect their organisations, workforces, and customers. 

‘I would urge those decision-makers who believe that fraud is not a threat to their business or staff to think again. Any business can be targeted and without effective counter-fraud controls in place, the consequences can be significant.’ 

Rachael Tiffen, Director of Learning at Cifas, added: ‘Upskilling your workforce has never been more important. Developing fraud prevention knowledge means your employees will not only help to identify and report criminal behaviour in the present, but also empower them to detect incidents of dishonest conduct and mitigate future risks.’ 

Cifas has developed a range of products and services to help organisations prevent fraud and keep their employees and customers safe. Improve your workforce’s counter-fraud skills through the Cifas Fraud and Cyber Academy and its Digital Learning programme today and download the Cifas Learning Survey 2024 for free. 

ENDS 

Notes to Editors 

For more information, please contact Hayley Paterson, Cifas Press and PR Manager, on 020 4551 7072 or press@cifas.org.uk. 

Survey methodology 

The survey was carried out by Opinion Matters between 2 May-3 June 2024 on behalf of Cifas with a nationally representative sample of 500 UK-based decision makers (18+). Respondents were responsible for staff training programmes/budgets and worked in companies that employed 1,000-plus people and offered hybrid options. 

About Cifas 

Cifas is the largest not-for-profit fraud prevention service in the UK. It has more than 750 members who represent various industries including banking, retail, insurance, and telecoms. Cifas protects businesses and individuals from fraud through effective and secure data and intelligence sharing between the private, public and third sectors. Additionally, the independent organisation offers a range of products and services to help businesses prevent fraud and delivers specialist counter-fraud training through its Cifas Fraud and Cyber Academy and Digital Learning programme. 

Cifas’ data is included in the Office of National Statistics England and Wales Crime Statistics of police recorded crime and it works alongside law enforcement agencies in tackling fraud. In 2023, Cifas members prevented more than £1.8bn of fraud losses. Website | LinkedIn | X 

About Opinion Matters 

Opinion Matters is an independent market research agency that create bespoke market research solutions for businesses, organisations, and agencies worldwide. Opinion Matters abides by and employs members of the Market Research Society which is based on the ESOMAR principles. 

Contact us at press@cifas.org.uk