Fraud is the most common crime in the UK and poses a serious threat to all organisations. To help businesses strengthen their defences, the Fraud Advisory Panel (FAP), in partnership with Barclays, has launched the Business Fraud Alliance campaign.

The Alliance brings together businesses, professional bodies and advisers to share knowledge, raise awareness and provide practical tools to support those at the frontline of fraud prevention and detection.

Practical support

The campaign’s website provides businesses with free, practical advice on fraud as well as resources that can be embedded into day-to-day operations. There are helpsheets from the FAP on preventing cyber crime and managing fraud risks, as well as a checklist on the new failure to prevent fraud offence.

The research-backed materials are tailored to business needs, with an emphasis on empowerment and resilience. The campaign has launched with resources on fraud threats that could affect businesses of all sizes and includes practical tips for defending against internal fraud and updates on the latest fraud trends.

The National Crime Agency has provided guidance on how to prevent invoice fraud, and more partners – including ICAEW – will be creating resources in the coming months. Support in development includes targeted guidance for small businesses and larger organisations.

ICAEW’s first helpsheet is focusing on how organisations can use internal controls to prevent and detect fraud. The guide will outline the three different categories of internal controls, providing examples of each and how they can be used to protect organisations from fraud. The helpsheet will be available for download from the BFA website at the end of October.

Tools to tackle fraud

As a founder and donor key of the Fraud Advisory Panel, ICAEW strongly backs the new campaign and the creation of high-quality fraud resources available to all.

“Preventing fraud isn’t just about safeguarding finances, it’s about protecting reputation, building resilience and securing long-term success,” says ICAEW CEO Alan Vallance says.

“Our members lead and advise organisations right across the economy and this campaign provides a unique opportunity for cross-sector collaboration, giving chartered accountants and the wider community the tools they need to tackle fraud head on.”

Share your views to shape future support

Alongside the new resources, the Business Fraud Alliance launched a research project and is asking for input from ICAEW members and their clients.

The Alliance aims to better understand the types of fraud businesses are experiencing, how prepared businesses feel to deal with evolving fraud methods and the effectiveness of the current fraud support on offer.

ICAEW’s Director of Trust and Ethics, Laura Hough, encourages members to get involved. “Fraud is an ever-present threat for our organisations and our clients, and this campaign provides a unique opportunity to bring together expertise and knowledge from across sectors and really demonstrate the strength of collaboration.

“Completing this short survey will help the Business Fraud Alliance create tailored support to address the most pressing risks that  businesses face, now and in the future.”

• Share your experiences