Insider Fraud

The threat of fraud from those within a company or organisation is a growing problem, and one that all too often is allowed to continue uninhibited by the target business due to a lack of proactive measures.

Indeed, in 2016 businesses reported more than £40m in losses from corporate employee fraud, with the highest level of losses reported in the Met Police Force area (£7m), followed by the City of London (£4.7m) and Essex (£4.4m).

Employee fraud can take many forms Ranging from fraudulent job applications, obtaining a benefit by theft or deception e.g. via procurement fraud or false expenses/spending and unlawful disclosing of personal data, amongst others.

For Tenet, the key to tackling this type of fraud is identifying the key assets of an organisation most at risk and then advising on the areas of weakness in a business’s processes and procedures concerning those assets.

There is no one size fits all, so we aim to implement improvements to have a practical and real impact on the reduction of the opportunities for exploitation.

 

Examples of such measures being the changes in processes which causes exposure to risk, developing recruitment processes, directing signing up to fraud prevention databases which share information on known fraudsters, introducing clear anti-fraud and “whistle-blowing” policies and creating an environment which understands and takes internal fraud seriously; being open and frank about incidents that occur and taking swift and effective action against any perpetrators.

Case Studies

Employee Fraud

The one with the employee who had not committed fraud

Client Type - company

View case study

Advice was provided to an international manufacturing company’s UK office in relation to an allegation that one of its employees had been diverting payments made a customer of the client company. It was alleged that the customer had made payments to discharge debts due to the client company and had blamed an employee of the […]

Being sensitive to employee morale and alert to any grievances is also important to reduce the risk of an employee turning against its employer.

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