Fraud in the UK is reaching epidemic levels, costing the UK economy £6,000 per second and £200bn per year. UK businesses are the biggest targets for fraud yet only a small number of them invest in threat-monitoring systems and data analytics. According to KPMG survey, 24% of business fraud cases were detected by accident and only 3% of businesses detected illegal behaviour using data analytics. These figures are shockingly low and it is time for businesses to invest in threat-monitoring systems and data analytics.
Fraudsters are all too comfortable with the advancement of technology and UK businesses are lagging behind in responding to prevent malicious schemes being carried out. Evidence demonstrates that businesses are still invested in traditional fraud detection systems and unfortunately making them an easier target for fraudsters to attack.
Why invest in data analytics to detect fraud? Companies will be able to develop a system of checks and balances in understanding patterns of behaviour through data analytics and it can be an effective tool in highlighting irregular conduct.
UK companies need to act fast and become fraud resilient, they need to be able to protect themselves against a continually evolving threat. Time and money has been invested to build up their company, and they should not pay the price!