Workers Have Stolen $400m from Employers Since 2000

Whether it’s a crime of opportunity, greed, malice or a combination of all three, over the past 12 years Aussie workers have stolen $400 million from their employers – and that’s just the figure of those who were caught. According to a new report from forensic accounting firm Warfield and Associates, the banking sector contained the worst offenders, with accountants and bookkeepers topping the list. The research also found evidence of major governance weaknesses in some of Australia’s largest organizations. The most common method of theft was through electronic funds transfer, where employees simply transferred cash into their own accounts. Report author Brett Warfield said that organizations should learn from the mistakes of others, and ensure there are effective internal controls, appropriate supervision and regular internal audits in place. “We see EFT fraud as one of the major fraud issues of this decade,” said Warfield.

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