Date: [insert date] From: [Insert name and job title] According to government figures, fraud is the most common offence in the UK. As a business, we may fall victim to fraud, if we do not manage the risk seriously and sensibly. We are also at risk of committing the corporate offence of failing to prevent fraud being committed on our behalf introduced through the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023), in force from 1 September 2025, for which there are severe penalties. That offence sits alongside existing fraud law, so the person who committed the fraud can also be prosecuted individually for the fraud, while our organisation is prosecuted for failing to prevent it. Our fraud risk management policy and related procedures are our first line of defence in relation to both the failure to prevent offence, and against falling victim to fraud. 1 What is fraud? Generally, fraud is a crime that involves deception or theft to gain