Your staff and Fraud | WISE Workplace

A recent Fraud and Corruption Prevention conference in Sydney last highlighted the key concepts behind any fraud prevention framework:

Surveys conducted in Australia and oversees consistently show that over half of all money lost to fraud is committed by employees. Detecting fraud  - over half the frauds detected originate from tip offs from employees.  So your number one source of all fraud and the best defence to protect yourself from fraud are your employees.

Strong employee reporting systems featuring confidential whistleblower hotlines are the most likely activity to result in a reduction in losses from fraud for your organisation or company. Presenters at the conference stressed the introduction of ethical cultures and strong employee branding as a key ingredient to protection and there is no doubt that this is an important element to any fraud risk management plan  - openness to confidential reporting was also seen as imperative by attendees.