Fraud is no longer a rare event. UK Finance reported £1.17 billion lost to fraud in 2023, and the trend has forced the market to rethink prevention and reimbursement.
What’s happening
Fraud techniques are scaling, and when reimbursement disputes occur, the time-cost to businesses and individuals can be severe. Recent reporting has highlighted ongoing tensions around fraud refunds and complaint outcomes.
What usually goes wrong
Organisations suffer because:
- Controls rely on trust, not verification.
- Payment processes are informal, so attackers exploit weak approvals.
- Coverage is mismatched, because policies were not reviewed against real risk.
The protection checklist leaders use
- Tighten payment approvals, especially for supplier changes and urgent transfers.
- Train teams on social engineering, because most attacks exploit humans, not systems.
- Review protection planning, so insurance and controls reflect modern fraud reality.
- Create a response playbook, so incidents are handled fast and consistently.
If you want a structured protection review, book a consultation. We help you map the risk, strengthen controls, and coordinate the right specialist support.
