Arrest fraud in its tracks

Source: Telegraph
Will Kenyon
Date: September 19, 2003

Many firms could do a great deal more to limit their exposure to crime, writes Will Kenyon
More than half of UK companies suffered from economic crime in the past two years, according to the Price Waterhouse Coopers Global Economic Crime Survey 2003.
This usually took the form of misappropriation of cash or other assets by management or employees. The vast majority of companies are confident in their internal controls, yet those same companies admitted in almost half of cases an accident or tip-off had helped in detecting the problem.
These statistics and others in the survey should be of more than academic interest to business leaders and indeed all of us. Contrary to misconception, fraud is never a victimless crime. It costs us dearly as tax payers, insurance policy holders and consumers, and it costs individuals and companies that fall victim millions every year.

Nearly two thirds of companies reported a blow to morale