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CIMA warns of fraud risk.

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The recession has made it vital for all businesses--particularly small and medium-sized firms--to stay vigilant against fraud, according to a new CIMA guide.

It warns that the fact that recent high-profile cases have occurred in multinationals means that SMEs may not realise that they are often more susceptible to fraud and can suffer proportionately bigger losses.

Repeated surveys show that fraud remains a serious and costly problem. For example, CIMA's recent poll of 200 FDs in the UK found that 110 thought employee fraud posed a significant risk to their organisations.

"Despite this, many organisations still do not have formal processes to prevent, detect and respond to fraud," said Helenne Doody, innovation and development specialist at CIMA. "While no system is foolproof, you can take steps to deter...

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