What does the European Fraud Readiness report cover?
In our 2023 report, we unveil the latest insights from receivables finance lenders across the UK, Germany, France and Spain on their attitudes and approaches to fraud risk and adapting to an every changing landscape. The report explores:
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Volumes and types of fraudulent activity targeting the receivables finance industry
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Perceptions of fraud risk levels
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Perceptions of lenders’ success in preventing fraud
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The effectiveness of fraud prevention strategies
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The critical role of technology in combating fraud
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Who responsibility for fraud prevention sits with in a business
Summary of key findings
Our findings suggest there is a growing level of fraudulent activity affecting receivables finance businesses in all four countries; and near unanimous agreement among respondents that this activity poses significant business risks. We also reveal differences in approach, particularly around use of technology; and the way responsibility for preventing fraud is accepted at, or delegated from, board level.
Across all four countries, there is some confidence in fraud prevention measures: 2 in 5 respondents (40%) believe their company detected and prevented at least 75% of fraudulent activity targeting them during the 2021/2022 and 2022/2023 financial years. But even within these companies that would still mean one in four attempts to commit fraud were undetected, exposing companies to the risk of significant financial losses. More worryingly, almost one in three respondents (30%) believe their company detected no more than half of the attempts made to defraud their business.
Our findings show that no business in this sector can afford to be complacent about the need to try to identify and prevent fraud. With fraudsters developing more sophisticated ways to target businesses working in this industry and their clients, there has never been a more urgent need for a mature approach to fraud prevention, based on an effective balance of technology and human expertise.
Our report offers valuable insights and strategies to help you enhance your fraud prevention efforts, safeguard your business, and protect your clients from increasingly persuasive and sophisticated threats.
Download the report today to stay informed.
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