New research from SAS shows that more employees have been caught for occupational fraud in the UK than anywhere else.
Over half (59%) of UK businesses have suffered travel and expenses fraud by workers, while 49 per cent have caught their employees using company credit cards fraudulently.
The research shows that occupational fraud – where an employee deliberately abuses company resources for their own gain – is a common challenge faced by businesses, but nowhere more so than in the UK.
Of the countries surveyed only 39% on average experienced travel and expenses fraud, and a quarter (24%) suffered credit card fraud.
Despite the country’s poor showing, most UK companies take a relaxed attitude to detecting this type of occupational fraud and have failed to adopt the most effective technologies.
Only 12% use advanced analytics technologies – such as algorithm-based software and machine learning capabilities – against an average of 14% in the global survey. Additionally, less than one in 10 (nine%) make use of artificial intelligence (AI) for occupational fraud prevention.
“When you rely solely on employees to detect fraud, your strategy is fundamentally flawed” said Laurent Colombant, Continuous Controls and Fraud Manager at SAS.
“The bulk of workers are honest and will do the right thing, but you can’t trust a small number of poachers to turn gamekeeper. Until UK businesses make use of advanced analytics detection techniques, the true scale of fraud will remain unknown.”