FRAUD and white-collar crime pose a serious threat to Northern Ireland businesses already struggling following the pandemic, a new body has said.
The newly-formed Northern Ireland Fraud Forum, featuring private firms, voluntary bodies and the PSNI and Revenue and Customs (HMRC), aims to promote better awareness of fraud, how to mitigate against the risks, and how to respond to it.
The forum's chairman Bill McCluggage, managing director of Laganview Associates, said fraud and digital scams can badly affect businesses.
"Coming out of the pandemic, firms are operating in an increasingly volatile and unpredictable trading environment with unprecedented costs and record levels of inflation," he said.
"Threats like fraud, scams, and white-collar crime present serious challenges for business owners and can have a significant knock-on and even life-changing effect for workers and households."
He said around £7 billion is lost to economic crime in the UK every year.
"Locally, this is compounded by the fact that Action Fraud figures show that people are over twice as likely to report being a victim of any type of fraud in the East of England than those living and working in Northern Ireland," he said.
"There is much more to do to make businesses aware of the dangers of fraud in Northern Ireland, and this new forum hopes to mirror other organisations from across the UK which do excellent work in minimising the threat posed by fraud."
Matthew Howse, a partner at law firm Eversheds Sutherland, said fraud can "lead to redundancies and life-changing circumstances".
"This is the first step in tackling economic crime and educating local business owners, employers, charities, voluntary groups, and other organisations about how to spot fraud, deal with it, and ultimately avoid its worst consequences," he said.
