Figures from the Office of National Statistics suggest that fraud is endemic. In the UK alone, almost six million fraud and cyber crimes – such as account hacking or identity theft – were committed in 2015, revealing that fraud is the most common kind of crime in the UK today.

Bank and credit account fraud in particular were cited as the most common, and widespread access to connected devices is exacerbating the problem: there were two million computer misuse incidents reported in 2015, including ‘unauthorised access to personal information’ and crimes involving a computer or device being infected with a virus.

In the corporate landscape, corruption and anti-money laundering (AML) are high on the global agenda, more so than ever in today’s digital borderless world of commerce. Despite tighter regulations and record penalties for non-compliance, as well as deeper media scrutiny and a drive toward transparency across the public and private sectors, corporate fraud is widespread with more than 36 percent of organisations experiencing economic crime in the past two years.

There is now a very clear need for countries to become bullish and more vocal in their approach to eliminating systemic fraud. Governments are responding to this need by bringing in a series of far-reaching changes designed to stamp out corruption, money laundering and tax evasion across the corporate landscape, and in doing so aiming to minimise this major risk for businesses.

Oct-Dec 2016 Issue

Pitney Bowes