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The value of reported fraud in the UK shot up by nearly 30% in 2005 (since 2004) to almost £1billion, and has virtually tripled since 2003, according to the annual FraudTrack report from accountants BDO Stoy Hayward.
According to the report , businesses are losing more and more at the hands of
their own workers, with the value of employee fraud increasing by over 80% since 2004 (and 200% since 2003).
Nearly two-thirds (65%) of frauds where a motive was reported have been as a result of greed and the desire to lead a lavish lifestyle. A further 11% were linked to gambling and 10% were to pay existing debts.
Additional research by BDO Stoy Hayward has revealed that, when it comes to stopping fraudsters, businesses are failing to make use of their main ally – the honest majority of workers.
When questioned, most employees said they would want to report dishonest colleagues, but many would be deterred through not knowing the correct procedure or through fear of recrimination.
Source:
RedAlert
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