Managing fraud

Fraud, both internal and external, is a real risk to business. Planning how to prevent and recover from fraud should form part of your overall business risk-assessment.

Dealing with fraud

Good fraud management practice involves putting in place a fraud response plan. This will incorporate procedures for detection, investigation, prevention of further loss, securing evidence, recovery and reporting.

Aim to document all potential risks and make sure that your employees are familiar with your processes for dealing with a situation, should something go wrong.

Firms should never hand out confidential information to any unsolicited phone call, text or email.

If you suspect something might have gone wrong, make detailed notes of what has happened, who was involved, when, where and how you were approached. After identifying all possible losses, you must report fraud to the police and your insurers.

RICS can take a number of actions in response to fraud so report any suspicious activity to us at regulation@rics.org

Useful links

We publish material to inform members about tools available to them to monitor and control the risks facing their business and what to expect from RICS Regulation if things go wrong.

See our guidance on protecting client money for further information.