Fraud experts are warning employers to be extra vigilant of employee fraud after fears the credit crunch will force workers to act dishonestly.
Accountancy firm BDO Stoy Hayward has found that in the first half of this year employee fraud has cost UK companies £77 million, a significant increase from the £10 million from the same period last year.
Simon Bevan, head of fraud services at Stoy Hayward believes that the increase in the cost of living is making many workers desperate.
‘Sadly, commercial organisations throughout the UK are currently failing, in some cases quite spectacularly, to get to grips with the fraudulent activity of their staff,’ he said.
However, as Richard Davies, deputy chairman of the Insurance Fraud Bureau explains, many employers can reduce the risks of it happening to them: ‘Employers need to watch out for changes in lifestyle and work patterns, and keep an eye on people who are working very early or very late when they wouldn’t ordinarily do so, or not taking lunch breaks or holidays as they ordinarily would.’
Last year research by Deloitte found that 91% of employers were worried about the potential risks of internal fraud.
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