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Insurer Norwich Union confirm £1.5m employee fraud

Thursday, 28 May 2009 20:32 administrator

Insurer Norwich Union confirmed that it had instituted legal action against a member of staff in the wake of a £1.5m employee fraud believed to have originated in one of the company's claims departments. Some £3 billion in the UK go through the company's claims offices, based at several locations in the UK, every year. No other members of staff are thought to have been involved.

Last Updated on Tuesday, 07 December 2010 09:37 Read more...

Small Business under threat due to staff theft

The cash flow of nearly a quarter of UK small businesses is under threat from losses due to staff theft or fraud. The findings from a UK-wide survey for Bank of Scotland Business Banking by the Opinion Research Business, reveal that 24% of Small and Medium-sized Enterprises (SMEs) - almost 900,000 across the UK - report having suffered staff fraud. Two per cent of businesses identify staff fraud as being a "frequent" problem for their businesses.

Internal Fraud a growing problem

Friday, 08 May 2009 20:40 administrator

Internal fraud in financial institutions appears to be a growing problem. There have been a number of cases in which individuals working for financial services firms have been coerced into providing information on customers to outsiders who have then used the information to commit fraud. Alternatively the fraud may be initiated by staff themselves and there have been a number of well publicised instances of this in recent months.

Last Updated on Tuesday, 07 December 2010 09:36 Read more...

Threat Assessment of Serious and Organised Crime

administrator

It used to be unusual to make a connection between employee fraud and organised crime, but increasingly, the links are becoming evident. Some of the money from employee fraud, particularly from the deliberate infiltration of dishonest staff into major financial services companies, is believed to be finding its way to fund terrorism, drugs, vice and other organised crime.