Friday, August 28, 2009

Workplace fraud increases by 69%

ftadviser.com
The number of thefts and deceptions in the workplace has increased by 69 per cent in the first half of the year compared with the last half of 2008, according to fraud prevention service CIFAS.

The effects of the recession are clearly demonstrated by the increased number of frauds during the year to June 2009, according to the 260 members firms of CIFAS, which includes banks insurers, investment managers and share dealers.

It stated that this demonstrates that as the effects of the recession cut deeper, more people are turning to fraudulent activity that they would not have considered before.

Peter Hurst, chief executive of CIFAS, said: "While it remains true that most employees are completely trustworthy, these figures do show that the impact of the current recession has been severe.

"Desperate times do, indeed, lead to desperate measures, and businesses need to put in place all possible controls to ensure that they, their employees and customers are not subjected to fraud risks that can be avoided."

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