Member Article

Businesses urged to combat fraudsters as recession bites

A forensic accountant who has trapped countless fraudsters is warning businesses that they could be the next targets during the recession.

Michael Grayson, director of forensics at Clive Owen & Co LLP, has saved companies hundreds of thousands of pounds through his detailed investigations unveiling the webs of deceit left by fraudsters.

His efforts have led to him catching out a company director who wildly embellished his expenses while working for a multi-million pound company, and saving one client £300,000 when he proved a sub-contractor was overcharging for the work he was carrying out.

Michael says that with the current economic climate, businesses are more at risk than ever of being targeted for fraud.

“Companies are at their most vulnerable from fraudsters in times of economic downturn because all their employees are under pressure,” he says. “For every fraud, there needs to be an opportunity for it to take place combined with external pressure and a desire from the individual, such as wanting a better lifestyle, or not being able to afford to pay the mortgage.

“The most vulnerable companies are those which have started out small and grown quickly because they don’t have the right systems in place to protect themselves. In these times of growing financial turmoil, companies need to be aware that they could be the next target and get help before it’s too late.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .