The FINANCIAL — Hoteliers need to take steps to better protect themselves against fraud, according to a report published jointly by PKF Accountants and University of Portsmouth, according to Caterer and Hotelkeeper.
The Resilience to Fraud of the UK Hotel Sector survey investigates how well the industry protects itself against fraud, highlighting where it is getting it right and identifying areas for improvement.
Using a 50-point scale, the report finds that the hotel industry lags behind the rest of the corporate world in terms of fraud resilience, achieving an average score of 25.4 points, compared with 30.6 points for the private sector as a whole.
As a result of the report's conclusions and a separate study by the same authors, PKF and University of Portsmouth estimate that fraud could cost the UK hotel sector more than £2b each year.
While the report showed that 88% of respondents had a "zero tolerance" approach to fraud and 85% had arrangements in place to ensure that suspected frauds were promptly reported, it also highlighted that hotels could do much more to improve their counter-fraud activities.
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