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According to the Association of Certified Fraud Examiners (ACFE), approximately half of insider fraud cases involve multiple perpetrators who colluded with one another to commit fraud, with actual fraud losses rising significantly when multiple fraudsters are involved.

One reason why the losses are higher is that when more people are involved, there are more opportunities to commit fraud and it becomes easier to circumvent anti-fraud controls and conceal the fraud for longer.

Why it matters?

The majority of insider fraud losses — as high as 80% — are caused by collusion of two or more employees, even though only 45% of the incidents are attributed to collusion.
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Internal fraud: Can you identify it?

Do you think any of your employees or colleagues could commit internal finance fraud? If not, why not? No fraudster goes around with a big badge on their lapel. In fact, 84% of staff have the opportunity to commit internal fraud. You can’t afford to ignore the danger signs any longer...

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BT documentation & messaging 57

Fraud prevention: It’s easy to be complacent

Many companies believe they’re safe and have adequate safeguards in place, with enough fraud prevention processes to keep fraud at bay. But with 35% of organisations falling victim to some form of economic crime in the last 24 months, they are either suffering from denial, or delusion.

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