Fraud now accounts for 41 per cent of all crime in the UK, making it one of the most pervasive and costly threats to UK businesses.
Its consequences extend well beyond financial losses, disrupting operations, shaking employee morale and damaging customer trusts.
Recent cyberattacks on household names like Marks and Spencer, Harrods and Co-op have brought the risks into sharp focus. In M&S’s case, the incident has reportedly led to £300m in lost profits and wiped £750m from its market value.
As digital threats grow and regulations tighten, forward-thinking organisations are responding decisively by enhancing staff awareness, refining internal processes and adopting smarter digital screening tools.
But the big question is; are you doing the same?
In this latest Boost knowledge hub article, Alex Abbey, from Boost & Co member Meritec, a leading digital transformation company based in Burnley who specialise in workflow automation, shares eight practical ways to build stronger fraud prevention practices across your business.
1. Strengthen checks at the first point of contact
Fraud risk often begins before a contract is signed or a payment is made. Carrying out checks at the earliest stage helps stop issues before they arise. Verifying who you are doing business with, checking supplier or client legitimacy and confirming key details such as bank accounts and registration status can prevent common fraud types including impersonation and invoice scams.
Recommendation: Use structured onboarding processes and make sure responsibilities for checks are clearly defined.
2. Make fraud awareness part of everyday thinking
People are the first line of defence, so awareness is essential. Employees should understand what fraud risks might look like in their role and how to report concerns. Awareness campaigns, short online training modules and visible leadership support all contribute to a more fraud-aware culture.
Recommendation: Include fraud-related messages in regular internal communications to keep it front of mind.
3. Review internal processes with risk in mind
Even small gaps in procedures can create opportunities for fraud. Reviewing workflows across finance, procurement and HR can highlight weaknesses that may otherwise go unnoticed. Introducing steps such as approval processes or consistent ID checks can significantly reduce exposure to risk.
Recommendation: Revisit your processes regularly and involve teams in identifying improvements.
4. Monitor key relationships over time
Fraud risk does not end after the first check. Suppliers, clients and contractors may become vulnerable or pose new risks over time. Keeping an eye on changes such as financial health, leadership or reputational issues can help you act early.
Recommendation: Set regular review dates for high-risk third parties and keep documentation up to date.
5. Create a culture of transparency and accountability
Culture plays a vital role in fraud prevention. Encouraging open conversations, recognising good practices and supporting staff who speak up can help create an environment where fraud is less likely to occur and more likely to be identified quickly.
Recommendation: Ensure there are safe, simple ways for people to raise concerns confidentially.
6. Promote cyber awareness and digital vigilance
Fraud and cyber threats are increasingly connected. Phishing emails, business email compromise and social engineering are common ways criminals can access sensitive information or payment systems. Raising awareness of digital risks helps prevent these entry points from becoming vulnerabilities.
Recommendation: Provide cyber awareness updates and encourage multi-factor authentication wherever possible.
7. Use independent data sources to support decisions
Third-party data can help confirm the integrity of suppliers, partners and clients.
Details such as credit risk, company status, sanctions or insolvency records provide additional insight that might not surface during basic checks.
Recommendation: Use trusted data sources to help flag inconsistencies or high-risk relationships before problems arise.
8. Learn from incidents and strengthen over time
No system is foolproof, and even well-prepared organisations may experience fraud attempts. Having a clear response plan helps limit impact and provides an opportunity to improve. Analysing what went wrong can lead to stronger processes and greater staff confidence in future.
Recommendation: Review incidents after they occur and share learning across relevant teams to prevent repeat issues.
Final thoughts: Stay smart, stay secure
Fraud prevention is not just about compliance or avoiding penalties. It is about building a culture of trust, supporting the people behind your organisation and putting the right protections in place to safeguard your reputation, operations and future.
If you’re exploring ways to reduce fraud risk and improve your approach, Meritec offers practical support that fits the way your organisation works. Find out how they can help at www.meritec.co.uk
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