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Businesses report £40 million in losses from employee fraud

Makbool Javaid

New data obtained by accountancy firm RSM under the Freedom of Information Act has revealed that businesses reported more than £40m in losses from corporate employee fraud last year. The data revealed that businesses submitted over 800 reports to the police about employee fraud in 2016-17. Internal frauds can include payment fraud, procurement fraud, travel and subsistence fraud, exploiting assets and information or receipt fraud. Most are discovered as a result of internal controls and audit, but a growing number of frauds are coming to light as a result of staff raising concerns with line managers, or via whistleblowing channels. In reporting the figures, RSM advises companies to consider a number of very useful preventative measures.

This update provides summary information and comment on the subject areas covered. Where employment tribunal and appellate court cases are reported, the information does not set out all of the facts, the legal arguments presented and the judgments made in every aspect of the case. Click on the links to access full details. If no link is provided, contact us for more information.  Employment law is subject to constant change either by statute or by interpretation by the courts. While every care has been taken in compiling this information, SM&B cannot be held responsible for any errors or omissions. Specialist legal advice must be taken on any legal issues that may arise before embarking upon any formal course of action.


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