COMPANIES are joining forces to tackle fraud and financial crime with the formation of the new South East Forum (SEFF).

Set up by the Institute of Chartered Accountants in England & Wales (ICAEW), the Federation of Small Business (FSB) and local chartered accountancy firm Samuels LLP, the new forum comes at a time when it is estimated fraud costs the UK £13.9 billion.

The aim of the group is to promote fraud awareness and successful fraud prevention strategies across all business sectors, by creating a culture of transparency with better flows of information and open discussion. Those who have agreed to participate in the group and who attended the inaugural meeting include police forces who serve the South East, government departments, local business leaders as well as representatives from other non-governmental organisations. The forum hopes to replicate the successful North East Fraud Forum (NEFF) which was originally set up by Northumbria police in 2003.

With almost half (48 per cent) of UK companies reporting being a victim of fraud and the average direct cost of economic crime at £1.75 million plus management costs it was felt a group was needed specifically for the region to help tackle this growing problem.

ICAEW South East regional director Fay Webster said: "With SEFF we hope to help safeguard and protect the business community in the South East through companies working together to share experiences to help combat the high level of fraud that occurs in the region."

Policy manager at the FSB Andrew Barter added: "The forum gives us a real opportunity to communicate with local businesses and show them that fraud can range from corporate identity fraud to internal fraud. As well as economic damage, fraud can cause immense social and human damage to companies."