Wednesday 11th February, 2015

ACE Group, one of the world’s largest multiline property and casualty insurers, warns small and medium-sized UK companies of heightened fraud risk in first quarter.

Fraud cases are on the rise and the profile of fraudsters is changing to include more young individuals seeking to fund extravagant lifestyles. As pressure on bank balances grows after the traditional Christmas excesses, the insurer warns the first quarter is a time of heightened risk for employee fraud, particularly in small and medium-sized enterprises (SMEs).

Jane Bennett, UK Product Line Head, Financial Institutions and Crime, ACE European Group said:

"In small and medium-sized businesses we can find that financial processes and controls may be less rigorous than in larger organisations. Based on our experience of working with these businesses, we know that the implementation of some relatively simple internal controls can drastically reduce the likelihood of fraud or at the least ensure that incidents are detected early."

To help employers mitigate the risk of fraud, ACE Group has identified a number of simple measures that SMEs can implement in order to safeguard their business during this period of heightened risk.