 Businesses should be on alert for fraud after steep rise in
HMRC phishing emails
14 September 2011: With HM Revenue & Customs (HMRC) reporting a 300% increase in fraudulent ‘phishing’ emails over the past year, PKF Accountants & business advisers warns that it is more important than ever for businesses to protect themselves against fraud.
Jim Gee, Director of Counter Fraud Services at PKF, comments: “The fact that almost 24,000 such emails were reported to HMRC in August alone – an increase of nearly 300 per cent compared to the same month last year – provides a sobering view of what happens when there is economic uncertainty."
“Previous recessions show that as economic activity declines reported fraud and forgery increase. Reported fraud and forgery offences rose by over 30% during the recession of the early 1990s, and the data that we’re seeing at the moment suggest that the impact this time around could be even more significant."
“The most extensive global research into the cost of fraud – undertaken by PKF and the University of Portsmouth in 2009 - showed that losses to fraud averaged around 4.6% of an organisation’s expenditure. Fraud can therefore have a major impact on a business’ financial performance."
“In the current climate, with the possibility of a double dip recession, I advise organisations to review and strengthen their protection against fraud. With the HMRC data showing this sort of trend, a small investment in better protection might prove to be particularly good value.”
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For further information, please contact: Andy Konieczko, 020 7065 0537, andrew.konieczko@uk.pkf.com
Notes to Editors:
1. PKF (UK) LLP is a leading firm of accountants and business advisers with more than 1,500 partners and staff operating in 23 offices in the UK mainland firm, incorporating a wholly-owned financial planning company and associated offshore practices. The firm specialises in advising growing and entrepreneurial/owner-managed businesses, AIM and fully listed companies, and also has extensive experience in the public and not-for-profit sectors. Principal services include assurance and advisory; taxation; consultancy; corporate recovery and insolvency; corporate finance and forensic. The firm has particular expertise in advising sectors such as hotels and leisure; mining and resource; public sector; real estate and construction; professional practices; not-for-profit; and medical. The firm’s web site is www.pkf.co.uk
2. PKF (UK) LLP also offers financial services through its FSA authorised company, PKF Financial Planning Limited. PKF (Isle of Man) LLC is a limited liability company registered in the Isle of Man. PKF (Channel Islands) Limited is incorporated in Guernsey.
3. PKF (UK) LLP is a member firm of the PKF International Limited (PKFI) network of legally independent member firms. The PKFI member firms have around 2,200 partners and more than 21,000 staff in around 125 countries.
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