A NEW report co-authored by a University of Portsmouth expert says many firms and voluntary organisations are leaving themselves vulnerable to fraud.
The research by Dr Mark Button, director of the university’s centre for counter-fraud studies, shows the UK is a sitting target for fraudsters.
More than £60 billion was lost to fraud globally last year and the report highlights worrying trends in private and voluntary sector fraud prevention.
Dr Button said the results raise questions about the safety of public funds if private companies and charities take on greater responsibility for delivering services as part of the ‘Big Society’.
He said: ‘Organisations need to understand where they are exposing themselves to risk.’
The Resilience to Fraud of UK plc report shows that more than half of voluntary organisations and a quarter of private organisations have failed to put counter-fraud strategies in place. In contrast, 93 per cent of public sector organisations have counter-fraud strategies up and running.