Supporting Small Businesses When Fraud Occurs

False Invoicing Fraud
February 26, 2018
Internal Investigations – Things to Remember
May 9, 2018
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Fraud Business Solutions was primarily set up to offer a suite of services to organisations to protect themselves from internal malpractice, such as theft and fraud offences. As a consultant, it is your responsibility to assess what is happening in the commercial world in relation to fraud in order to improve the services that can be offered, such as what is happening around cyber crime that could have a bearing on your clients business.

One thing I have noticed is the lack of concentrated support for SME or Small to Medium Size Enterprises in respect of both internal and external fraud. Yes there is constant media advice about IT issues about opening attachments from emails you are unaware of, making payments, dealing with false invoices etc etc, but in my opinion, I  do think that there should be a one stop shop to assist such businesses who would not have the budget or operation to have a dedicated fraud department that could provide them with expertise they need in the event that something does happen. The following article highlights what could go wrong and the catastrophic losses that could occur to a small business. https://www.independent.ie/business/irish/gardai-warn-businesses-of-invoice-fraud-that-cost-irish-firms-700000-last-month-alone-36377030.html

In the UK there is https://www.actionfraud.police.uk/contact-us, but this does not spread into Ireland.

The primary question for a number of organisations is, “what do I do now”? It is not until something happens that this question is raised… Obvious statement! But it is a critical question, as this could be the difference in recovery and loss, which could be material to a small business. The Gardai require as much evidence secured to assist in any fruitful enquiry and this is simple practical advice that would be of assistance to an SME. SME’s are not expected to be subject matter experts (initials are also SME!) and nor should they be.

With this in mind, Fraud Business Solutions would have a few primary thoughts /objectives that we believe would assist new or existing SME’s this year. 1) we would suggest that there is a central website for genuine organisations to go  for day to day advice on fraud related matters. This would obviously require sponsorship, management and resources and this site should be operated be ‘fraud experts’ so the advice being provided is practical. Perhaps a current small firms would wish to man this? @SFA_Irl 2) formation of a fraud forum for all sectors where organisations meet to discuss trends and issues and see if they can help each other. 3) organisations to continue with fraud educational awareness either on or off site- Fraud Business Solutions focuses in on internal malpractice, so if you are unfortunate enough to suffer a ‘bank related fraud’ such as cheque, credit or debit card fraud, it should not be underestimated what assistance your bank can offer you in the first instance. 

In Ireland, we should consider the above thoughts and put something in place to assist our organisations/businesses/companies.

 

 

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