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, Freezing Injunctions

The one with the employees using their employer’s confidential material to compete

Client Type - company

View case study

Tenet has provided advice to numerous employers in relation to former employees’ breach of restrictive covenants.   Typically, those cases have involved unauthorised removal of sensitive data including supplier lists, customer lists and intellectual property information.  Our advice has enabled employers faced with these issues to react swiftly to gather and preserve evidence and then react […]

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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