Fraud in the workplace (occupational fraud) is a major threat to small businesses. Very Small Organisations appear to suffer the most. A reason for this is a lack of anti-fraud controls incomparison to large businesses, making these businesses exposed to fraud. So what should a business owner do? 1. If an employee...
Internal Fraud growing
Internal fraud in financial institutions appears to be a growing problem. There have been a number of cases in which individuals working for financial services firms have been coerced into providing information on customers to outsiders who have then used the information to commit fraud. Alternatively the fraud may be...
Small Business under threat due to staff theft
The cash flow of nearly a quarter of UK small businesses is under threat from losses due to staff theft or fraud. The findings from a UK-wide survey for Bank of Scotland Business Banking by the Opinion Research Business, reveal that 24% of Small and Medium-sized Enterprises (SMEs) - almost...
£1.5m employee fraud
Insurer Norwich Union confirmed that it had instituted legal action against a member of staff in the wake of a £1.5m employee fraud believed to have originated in one of the company's claims departments. Some £3 billion in the UK go through the company's claims offices, based at several locations...