The Danger of Fraud

The financial and reputational cost of fraud can be devasting for both businesses and individuals prosecuting or defending such allegations. Investigations are often complex, time-consuming and expensive. Prevention is always the best situation when it comes to fraud and seeking the advice of specialist fraud lawyers is the first step.

Fraud Is Expensive Business

According to the National Crime Agency, fraud is the most commonly experienced crime in the UK, and the statistics that support this claim are shocking. Individuals, small businesses and larger corporations are all susceptible to fraud. The 2017 Annual Fraud Indicator suggests that losses in the UK due to fraud approach £190 billion per year. The private sector carries the largest losses, at £140 billion every year, with the public sector losing more than £40billion and individual losses totalling around 7 billion.

What is fraud?

Fraud is a term that covers a wide range of criminal and civil activity. The types of fraud our specialist team at GSC solicitors deal with include:

  • Identity theft
  • Fraudulent investment schemes
  • Copyright fraud
  • Insurance fraud
  • False accounting
  • Insider dealing
  • Mortgage fraud

The breadth of fraudulent activities and often complex nature of these crime means a number of government bodies can be involved with investigating fraud cases:

  • The Serious Fraud office
  • Office of Fair Trading
  • Financial Services Authority
  • Serious Organised Crime Agency
  • Health & Safety Executive
  • Department of Trade and Industry

Dealing with these investigatory bodies in the most effective manner benefits from specialist knowledge and previous experience, such as those of a specialist fraud lawyer.

The importance of specialist support from GSC

Fraud can leave individuals devasted and in serious financial difficulties and can put businesses in a position where they are no longer able to continue. If there is any suspicion of fraud, it is important to act immediately and seek specialist advice.

There are very specific rules and codes of conduct for fraud lawyers which makes it critical to evaluate the evidence carefully before a plea is made. They are not allowed to do so without strong evidence, and the burden of proof is considered higher in cases of fraud, but a fraud claim can negate a time bar and lead to greater damages.

GSC solicitors have an established reputation for advising corporate and individual clients on fraud, business crime, tax and litigation matters. They will represent clients during interviews, criminal or regulatory investigations and any court proceedings.

The fraud solicitors at GSC use their specialist knowledge and vast experience to support clients on all aspects of fraud matters.

If you have an issue you would like to speak to one of our team of specialists about, contact GSC today