Fraud - is your business at risk?

Fraud by employees Fraud by employees in positions of trust is a significant business risk. 

It can happen to businesses of all sizes, from small family businesses to large corporates, and in all sectors, from retail and manufacturing to charities and schools.

It can involve bookkeepers, accountants, financial directors, heads of departments, head teachers.......  people who are close colleagues and personal friends, even relatives.....  anyone who is in a position of trust and responsibility.

According to accountants KPMG the typical fraudster is male, 36 - 45 years old, works in the finance function or in a finance-related role, holds a senior management position, has been employed by the company for more than 10 years, works in collusion with another perpetrator,

Usually, fraud is not detected until a significant loss has occurred, perhaps over several years.  By which time it may be too late to recover the losses and the business may be at risk of insolvency.

Fraud can't happen in my business.......       or can it?

The majority of businesses employ trustworthy people.  But sometimes the most trustworthy people experience changes in their lives which lead them to behave out of character.

Here are some recent examples:

Facing jail: estate agent who stole £400k from employer

She had stolen the fortune – a total of £390,550 – between February 2007 and March 2014.

Jailed: fraudster who stole £70k from employers and used cash to buy gifts for company director

Worked in the accounts department for just a month before he started to steal funds.

Poole accountant jailed after stealing £27k from his employers

Caused cash flow problems.  Owners had to borrow money to replenish losses.

Finance director stole £170,000 'to pay ex-wife's blackmail demands'

Worked for Bournemouth retailer for 23 years.  Stole over a four year period

Stealing from Candy brothers was 'easy', says 26-year old accountant

Financial controller stole more than £90,000 from Britain's top property tycoons, Candy and Candy

Accountant stole £34k from Herefordshire charity

Failed to declare a previous criminal conviction for fraud and falsely told charity he had a Chartered Institute of Management Accountants (CIMA) qualification

Former Accountant jailed for stealing thousands from ITV

Together with an accomplice, set up a fake company to claim for fictitious work totalling £141,960.

Bookkeeper jailed for £250k theft

Shopaholic fraudster almost caused a family business to go bust.  The firm had to lay off staff and needed a cash injection from directors to survive.

Pregnant bookkeeper in £30k fraud 'after husband's affair'

Took money from a nursery school

Mother-of-three stole £30,000 to pay for her £100-a-day eating binges

Staff pay at the welding company had been frozen because of the serious loss of money.

Flintshire head teacher 'struck off' after theft

Head teacher stole £53,000 from his school to fund a gambling addiction.

Bristol Audi woman stole to pay for boob job

Assistant accountant stole £16,000 from Bristol Audi by 'creative accounting'

Accountant prepares for 'years' in jail over Weardale Railway fraud

Paid cheques into her own accounts for sums totalling £36,781 when she was management accountant.

Royal Academy of Music's finance director defrauded institution out of £200,000

Defrauded the academy of £203,950 between March 2007 and January 2011.

Lloyds security boss said she was entitled to £2.5million she stole from bank..

Her £60,000 security role at the bank included fighting fraud.



Find out the steps you can take to minimise fraud.  Download our Fraud Prevention Resource Pack

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