Business fraud is globally on the rise. In the UK this has prompted the insurer Allianz Trade to launch a standalone business fraud insurance product. The company says that fraud and cybercrime cost the UK GBP 2.5bn in 2021, with nearly 63,000 reports of fraud by UK businesses. According to PwC’s Global Economic Crime and Fraud Survey 2022 just over half the businesses it surveyed experienced fraud in the previous two years, which PwC says is “the highest in our 20 years of research.” The total losses of those surveyed amounted to USD 42bn – on top of damage to brand, reputation and market share.
