Insider fraud risks still too high, study suggests

Monday 24 December 2012

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Two-thirds of senior finance and IT professionals believe insider fraud is a risk within their organisation, it has been revealed.

In a Version One survey, 67 per cent of respondents think fraud is possible, and 25 per cent have seen a colleague tamper with company documents.

When the survey was carried out in 2007, 73 per cent of respondents said they thought their organisation is at risk of insider fraud.

And 38 per cent said they had witnessed activity to this extent - suggesting that a slight improvement has been made in the last half-decade.

Greg Ford, Version One's managing director, said the survey results highlight that internal fraud remains a real risk.

"Although it is encouraging that fewer people appear to be committing and able to commit internal fraud involving business documents, the figures remain alarming," he stated.

"If insider fraud is to be effectively tackled, organisations need to invest in fraud detection and prevention solutions, such as a secure electronic document management system."

The National Fraud Authority's latest Annual Fraud Indicator indicated that the UK economy loses around £73 billion per year to fraud.

Posted by Alex Boardman