BusinessCompany NewsA third of frauds committed by employees

A third of frauds committed by employees

Employees, often in collusion with suppliers or customers, are responsible for a third of all reported frauds, new research by BDO has revealed.

Link: Veteran male execs are top fraud suspects

Fraud by employees far outstripped frauds committed by external parties such as computer hackers or organised crime, according to the Fraud Watch survey.

BDO said many companies mistakenly put the emphasis on external problems, rather than recognise the threat posed by insiders.

Extra money for SFO as part of fraud crackdown .

The firm called this ‘misguided’.

‘Our research shows that the majority of fraud is much more likely to be committed by employees and directors who know the systems and can override controls,’ BDO said.

Last month KPMG profiled the average fraudster and found him to be a long-serving male executive.

The BDO survey is due to be updated every six months.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor