Fraud - If it's too good to be true...it probably is

Off to the Ipswich and Suffolk Small Business Association (ISSBA) Fraud Forum last night just outside Ipswich.

This was a question and answer session with the police, legal profession, anti-fraud consultants and rating agencies. Unfortunately the audience for the most part were there to give vent to their frustration at various frauds they had suffered, poor police response and a desire for some government agency to prevent spam emails.

It was hard work for the panel to get over that prevention was the key. Once the fraud had taken place you would be out of pocket even if there was a successful police investigation. You need to be on you guard – if it sounds too good to be true then it probably is. There are too many small, provincial traders ready to sent over £10,000 of goods to Nigeria and are amazed when the payment goes bad. I was left thinking that with a small amount of the sort of advice a Finance Director gives, many of these frauds would have been prevented by suitable internal controls.


Phil Greenwood