Fraud committed by firms’ own staff has risen to 60% in the US, and industry experts are warning the situation is just as bad in the UK.
The US findings were put to-gether by the Texas-based Association of Certified Fraud Examiners.
Here, Angus Stewart, chief executive of fraud management specialist e-Solutions, says fraud committed by UK bank and building society employees is now one of the biggest security threats they face.
He says: “In 2009 insider fraud accounted for more than £500m worth of criminal activity and that figure will increase this year, with a significant rise in the number of fraudulent incidents being reported in the UK financial services sector.”
See the latest issue of Lending Strategy for more details