From Shame to Action: Overcoming the Stigma of Reporting Fraud

Listen up, because what I’m about to tell you could save your business – and your reputation.

You’ve seen the headlines. Fraud is skyrocketing. The latest BDO report shows UK fraud more than doubled to a staggering £2.3 billion in 2023. But here’s the kicker – that’s just the tip of the iceberg.

Why? Because most victims of fraud are keeping their mouths shut. They’re paralyzed by shame, embarrassment, and fear of bad publicity. Sound familiar?

Let me be blunt: this silence is costing you more than you think. It’s not just about the money you’ve lost. It’s about the fraudsters you’re enabling, the future victims you’re creating, and the competitive edge you’re handing to smarter, more proactive businesses.

But here’s the good news: you can break this cycle. Right now. Today.

In the next few minutes, I’m going to show you why reporting fraud isn’t just the right thing to do – it’s the smart thing to do for your bottom line. And I’ll give you a step-by-step plan to do it without torpedoing your reputation.

First, let’s talk about why you’re really keeping quiet…

…First, let’s talk about why you’re really keeping quiet:

1. “It’s embarrassing.” You think it makes you look weak, incompetent, or naive. Wrong. It makes you look human – and relatable.
2. “It’ll hurt our reputation.” You’re afraid customers will lose trust. Here’s the truth: they’ll respect your honesty and proactive approach more than your silence.
3. “The authorities won’t do anything anyway.” This defeatist attitude is exactly what fraudsters are counting on. It’s time to prove them wrong.

Now, let me hit you with some cold, hard facts:

• The latest Crime Survey for England and Wales revealed that fewer than one in seven fraud offences are reported to the police. That’s a lot of criminals getting away scot-free.

• The number of high-value fraud cases (over £50m) increased by 60% in 2023. These aren’t small-time crooks – they’re organized, sophisticated operations.

• Online fraud factories are generating billions of dollars in revenue. Your silence is funding their expansion.

Still think staying quiet is the smart move?

Here’s what happens when you report fraud:

1. You stop being a victim and start being a defender – of your business and others.
2. You contribute to a more accurate picture of fraud, helping authorities allocate resources effectively.
3. You send a clear message to your team, customers, and competitors: you’re vigilant, proactive, and not to be messed with.

Now, let’s talk about how to report fraud without shooting yourself in the foot:

1. Get your story straight. Document everything meticulously before going public.
2. Consult legal counsel. They’ll help you navigate potential pitfalls and protect your interests.
3. Develop a clear communication strategy. Control the narrative by being transparent about what happened and what you’re doing about it.
4. Highlight your proactive measures. Show how you’re strengthening your defenses to prevent future incidents.
5. Engage with law enforcement and industry bodies. Your cooperation demonstrates leadership and commitment to fighting fraud.

Remember, the landscape is changing. The Government’s Online Fraud Charter and the new ‘failure to prevent fraud’ offence are raising the stakes. Soon, staying silent won’t just be risky – it could be illegal.

Here’s your wake-up call: Fraud isn’t going away. It’s evolving, growing, and becoming more sophisticated by the day. AI and new technologies are opening up fresh opportunities for fraudsters.

You have two choices:

1. Keep your head in the sand and hope you don’t become the next victim (spoiler alert: you probably will).
2. Take action now. Report fraud. Strengthen your defenses. Lead the charge against financial crime.

The choice is yours. But remember, in business as in life, silence is rarely golden. It’s just expensive.

Ready to stop being a silent victim and start being a vocal defender? Good. Here’s what you need to do right now:

1. If you’ve been a victim of fraud, report it to Action Fraud (www.actionfraud.police.uk) immediately.
2. Review and upgrade your fraud prevention measures. If you’re not sure where to start, get expert help.
3. Train your team to recognize and report fraud. Remember, your employees are your first line of defense.

Don’t wait for the next BDO report to show another doubling of fraud. Be part of the solution. Because in the fight against fraud, your voice isn’t just powerful – it’s essential.