Slump pushes staff fraud to £1.19bn
Owners are facing up to a growing threat of fraud and theft committed by their own staff
Research by the accountancy group, BDO Stoy Hayward, shows that reported fraud for 2008 hit £1.19bn, up 14% on the year before. Alongside larger corporate frauds, petty theft within businesses is rising as some staff feel the recession bite.
According to Cifas, the private fraud prevention service, common forms of fraud include the misappropriation of funds, stealing cheques, inflating expenses claims and forging signatures.
Fraud that escaped notice in boom times also becomes apparent in a downturn as the company’s books are scrutinised more closely.
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