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- A Note of Caution Relating to Credit Fraud
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- Statistics on Credit Fraud
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Statistics on Credit Fraud
Statistics on credit fraud are difficult to obtain for two reasons:
- It is often difficult to differentiate between a legitimate business insolvency, and a loss caused by a deliberate fraud committed by the customer,
- There is a natural reluctance to report credit fraud due to embarrassment about the fact that the fraud was allowed to take place,
- There is also an issue that reporting suspected fraud to senior management might result in the credit manager losing their job.
Some insolvencies result from intentional acts. The vast majority of bad debt losses result from poor business decisions and mismanagement. The only difference between fraud and losses caused by simple mismanagement involves the intent of the business owner or manager to commit fraud.