Frauds in business will definitely affect the business reputation, creates mistrust among the loyal customers and in some extreme cases, it even leads to the close down of the business. Frauds that every business may experience are of different types that include customer fraud, insider fraud, money laundering, payment fraud and ID theft. The customer fraud accounts will account 50% of all the fraud cases.
In United Kingdom, the General Insurance fraud with an annual loss of €2.1 billion will top the chart of frauds followed by the Telecom fraud that makes a huge loss of €730 million per year.