Deloitte, the leading business advisory firm, is advising business leaders across Wales to make themselves more aware of the prevalent fraud issues surrounding all sectors.

Both personal and organisational pressure that has been placed on individuals during the recession has cultivated an environment in which fraud has flourished.

The newly established forensic accounting team at Deloitte illustrated the effect of fraud on businesses of all sizes at a recent seminar. Richard Hawes, Partner at Deloitte, said: “We are continuing to invest heavily in the South Wales region and our forensic team is really leading the way for companies who have already been burnt by fraud or who are cautious of what it may mean for them. "Fraud levels not only have a business impact but has strong economic ramifications, we are keen to stress this to all business leaders.”

Working closely with bankers, lawyers and key industry figure heads, Deloitte is ensuring all are equipped with methods to identify the most common forms of fraud and how best to prevent them from happening.

“We have witnessed a large rise in the number of fraud cases and enquiries we are receiving across the region and decided to step up to the plate to make sure all are aware of the key indicators,” said Tracy Hunter, Assistant Director at Deloitte.

“The current environment is extremely prone to fraud, which can be very hard to spot. Broadly speaking, we are advising companies to act quickly and decisively when suspicions arise and to focus on stopping losses and recovering assets upon discovery of fraud.”