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Braant

the number of cases and the estimated £720 million they are worth is far higher than the survey suggests

The reaction comes following a report in online publication Accountancy Age that details findings from a new survey that show instances of fraud to be at their highest level in 12 years during 2014.

The survey, named the FraudTrack report, examined all reported cases of fraud that were over £50,000 in the United Kingdom and it was found that the number had risen gradually from 525 in 2013 to 546 last year, a worrying trend for companies across the country. The report states that this increase is largely down to a marked increase in what they describe as “unsophisticated fraudulent activity” – much of which was “low in value but high in volume”.

As companies look to protect their brand’s reputation, a huge percentage of these larger, more complex cases are being settled outside of the judicial law system – meaning the number of cases and the estimated £720 million they are worth is far higher than the survey suggests. This avoidance of public attention appears to be a growing trend, especially for businesses in competitive industries that are reluctant to risk losing trade as a result of a high profile case.

A spokesperson for Braant, market leaders in accountancy and bookkeeping services across the capital, has released a statement following the article: “It is clearly a very worrying time for companies and organisations across a wide range of sectors at the moment as the threat of fraudulent activity is one that appears to be steadily rising year on year.

“Here at Braant, our team are experts in protecting the accounts of businesses of any size – whether a brand new start-up or a multinational corporation. It is extremely evident that there is a serious need for top-level accountancy practice to be implemented to ensure that the threat of fraudulent activity is kept to a minimum. Our team are perfectly placed to help put these processes into place.”

Braant are a top ten rated and award winning firm of certified accountants and bookkeepers. Providing scalable bookkeeping and accountancy packages across London, Braant provide both day-to-day bookkeeping for SMEs and finance solutions that manage the entire finance function of large businesses.

This press release was distributed by ResponseSource Press Release Wire on behalf of Braant in the following categories: Personal Finance, Business & Finance, Public Sector, Third Sector & Legal, for more information visit http://pressreleasewire.responsesource.com/about.