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Staff fraud 'on the rise'

Published: Monday, 01 September 2008   Category: Life after graduation

Those in graduate jobs could be interested to hear that fraud experts and business groups are advising employers to be on the alert as they claim the credit crunch is causing staff to find cash dishonestly, it has been reported.

Accountancy firm BDO Stoy Hayward's recent figures show that employee fraud is on the rise, according to Personneltoday.com.

The data suggests such behaviour accounted for losses of more than £77 million in the first-half of this year compared to £10 million for the same period in 2007.

Simon Bevan, the firm's head of fraud services, told the website spiralling personal debt due to the rising cost of living is making workers "desperate".

He added: "Sadly, commercial organisations throughout the UK are currently failing, in some cases quite spectacularly, to get to grips with the fraudulent activity of their staff."

According to Deloitte's 2007 Global Financial Services Security Survey, 91 per cent of those polled are concerned about the risks arising from internal fraud.

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