Corporate fraud costs employers £50m

15 March 2007 by
Corporate fraud costs employers £50m

More than three million UK workers have committed corporate fraud in the past year costing employers a total of £50m, according to research.

The study, by consultancy Protiviti, revealed that one in 10 employees had illegally taken money from work over the past 12 months.

The majority of this crime was straightforward theft, but a significant amount was more complex including fiddling expenses, stealing intellectual property, adjusting accounts and taking bribes.

Almost one in five workers in London were guilty of corporate crime, according to the survey.

The research also showed that 15% of men had committed workplace fraud, compared with just 9% of women.

Sean Holohan, Protiviti director, said: "Most fraud in the UK goes unreported as businesses seek to settle matters away from the public eye, or goes undetected because processes and controls are just too weak.

"This should serve as a warning to employers that they need to have robust systems in place to mitigate fraud risk at all levels."

Former general manager at Threadneedles stole £20,000 from the hotel >>

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By Daniel Thomas

E-mail your comments to Daniel Thomas]( fraud costs employers £50m) here.

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