Two-thirds of UK financial institutions have no up-to-date anti-fraud policy, according to a survey published this week.
The report, commissioned by Unisys, showed that 45 per cent of companies questioned had no anti-fraud policy at all. Of those that do, over a third have not updated them in the last 12 months. A further 17 per cent were not sure when their anti-fraud policies were last updated.
Of the 876 UK financial institutions that took part in the survey, Unisys said 88 per cent had not appeared to have given any realistic consideration to the threat posed by fraud in electronic payment systems. However, around 50 per cent of respondees recognised that they were at risk from the growing threat posed by such fraudulent activity.
The survey also revealed that 85 per cent of board members of UK financial services companies receive no fraud awareness training at all, and only 34 per cent of all UK financial practitioners receive any realistic training in fraud awareness.
Rowan Bosworth-Davies, principal consultant of the Unisys financial compliance group whose team conducted the survey, commented: "I never cease to be shocked at the complacency demonstrated by so many financial services companies when the question of implementing best practice anti-fraud provision is considered.
"There were 142,311 notified cheque and credit card frauds in the UK last year, yet management continues to ignore the evidence that good training and threat awareness programmes for staff regularly pay major dividends in terms of crime prevention."
He added: "The absence of urgency to address the real risks posed by the emergence of ecommerce issues, is worrying. Watch out for a major jump in fraud statistics."
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