Professional Services Sector

2019/20 from Kroll, this industry was most at risk facing a variety of internal and external fraud threats.

Fighting fraud for Professional Services

In the 2019/20 Global Fraud and Risk Report published by Kroll, the rate at which professional services firms experienced significant data theft in the past year far outstrips that of any other industry. It is clear that the greatest threat to this sector comes from its internal workforce; from junior employees, through to management.

Professional Service Firms are regular targets of fraud, which can just as easily be perpetrated by their own employees as those on the outside. It is therefore essential that an organisation’s internal controls are as tight as they can be.

All too often we see that organisations have been the victim of a fraud because their policies and procedures are not being followed internally; the technology they are using is outdated or simply not adequately secure; clients and new employees are not properly vetted; internal audits are not taking place or are not sufficiently thorough; and staff are not receiving regular training on fraud typologies.

If you are a client of a professional services firm which has been the victim of a fraud and which has resulted in financial loss to your business, we can help you with that too, as we have extensive experience in bringing professional negligence claims.

To find out how we can help please give us a call or email us

0121 796 4020

hello@tenetlaw.co.uk

Our expertise

Advising on policies and procedures for identifying and dealing with the threat of fraud and money laundering
Advising on recovery in the event an employee has diverted money from your client account or have caused a breach of data

Advising on responding to loss caused by cybercrime, for example when managing conveyancing for a client
Advising on recovery of money when a firm is a victim to fraud such as an authorised push payment fraud

Being a professional services provider, we recognise why our regulator sets out the expected standard upon us to help ensure we do not fall victim to financial crime threats that impact upon our clients. Our team have experience of working in risk functions in law firms. With our knowledge we can help reduce your risk to fraud or guide you in the event you suspect fraud.