Fraud committed by employees in the UK rocketed by over 40% last year, according to the UK’s fraud prevention service, CIFAS. Fraud ranges from deception in the hunt for employment, namely by holding or falsely declaring information such as qualifications or failing to disclose previous convictions. Furthermore, attempts to gain benefit by deception or manipulation while in a job (such as stealing cash from customer accounts or employers) increased by 22%. Beyond the damage done by fraudsters within the organization’s walls – namely to the balance sheets, customer confidence and staff morale – CIFAS communications manager Richard Hurley said it can also lead to regulatory and legal punishments to organizations. “Some organizations have invested in better protection and controls – enabling them to identify and prevent more fraud,” said Hurley “While these types of fraud are thankfully less commonplace than fraud attempts from outside an organization, the damage that they can cause is as serious, if not more so.” Employers can help to prevent fraud by sharing data on confirmed cases in order to prevent such fraudsters from simply moving on to another organization.
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