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Why your organisation must invest in fraud prevention training

£219 billion per year – that’s how much fraud reportedly costs the UK economy, says the Annual Fraud Indicator. 

Fraud is the UK’s most common crime, accounting for around 40% of all offences in England and Wales.

It impacts businesses and their workforces significantly. According to our research too, 3 out of 5 (58%) respondents are increasingly concerned about the threat, believing an attack would pose a ‘serious’ risk to their business. 

 

The Cifas Learning Survey 2024

 

Returning for its third year, our latest research with Opinion Matters surveyed 500 decision-makers at large corporates about their fraud prevention training priorities. We asked how they upskill their workforces to identify and detect signs of fraud, and what counter-fraud measures they’ve put in place to protect staff, customers and wider stakeholders. Here’s how they responded…

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

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.

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‘Investing in a commitment to upskilling workforces to protect themselves and their organisations from fraud and financial crime not only adds a critical layer of protection to their operations and keeps customers and stakeholders safe, but it crucially stops criminals at the source before it’s too late.’ 

Rachael Tiffen, Director of Learning, Cifas 

 

Discover how our Cifas Fraud and Cyber Academy can empower your first line of defence against fraud through immersive digital learning, independently certified and regulated qualifications and specialist courses, and bespoke training and consultancy. Learn more 

Key Results from the Cifas Learning Survey 2023 Report

 

Cyber-attacks remain chief concern for nearly three-quarters of UK businesses

Research from Cifas has revealed that nearly three-quarters (73%) of UK corporate businesses believe cyber-attacks pose the biggest fraud threat to their organisation over the next 12 months.

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Urgent calls for fraud prevention training as insider threat increases

Large UK businesses must carry out specialist fraud prevention training throughout the entire employee lifecycle, if they are to protect themselves against the increasing risk of insider threat, says leading fraud prevention service, Cifas.

Read the press release >