Sheffield – Lawyers are urging South Yorkshire companies to arm themselves against a predicted steep rise in business fraud as the ‘credit crunch’ continues to bite.

Members of DLA Piper’s Sheffield-based specialist Civil Fraud Team – the largest in the region – are holding a major seminar in the city to ensure that companies know how to respond to the increasing risk of employee, customer and supplier fraud.

Although the true figure is not known, it is estimated that economic crime currently costs UK businesses more than £40 billion per year. That equates to over £100 million every day, £4.5 million per hour or £76,000 per minute and the risk is rising.

Litigation and regulatory associate Michael Peacock is head of the Civil Fraud Team which acts for local companies across a wide range of industry sectors.

He said: “Business fraud is extensive and growing and, as the much publicised ‘credit crunch’ takes hold in the coming months, the rise could be very steep indeed.  Businesses need to know how to deal with fraud and the best way to recover money or assets lost as a result.

“This is a complex, specialist field but we have the legal expertise in this area to help companies utilise both the criminal and civil court systems to enhance the prospect of a fraudster being convicted and of securing early repayment of the money and/or assets stolen.”

The seminar, being held on November 15, will address the most effective ways to recover money and assets and consider how to get the most out of civil proceedings. Key sessions will focus on the best way to gather electronic and documentary evidence in support of a civil claim, and look at employment risk management issues such as how to handle a rogue employee.

Speakers at the event, being held at DLA Piper’s prestigious St Paul’s Place offices, will include Michael Peacock, DLA Piper employment associate Clare Gregory and litigation and regulation associate Dorien Peters.