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Bosses do half of firm fraud.

MORE than half of all company frauds are inside jobs by managers, a report claimed yesterday.

And 85 per cent of deceptions were carried out by bosses in the job for less than a year.

Suppliers, clients and crime syndicates did the other 15 per cent of frauds.

Some 47 per cent of the 400 companies surveyed worldwide by Ernst & Young said they had problems with fraud in 2002. Twenty per cent had more than 10 swindles.

Some 57 per cent of the losses were less than pounds 60,478 but 13 per cent were more than pounds 604,778.

Firms are getting better at recovering their cash - 51 per cent of funds were recouped in 2002. But only 20 per cent was recovered from the fraudsters.

John Smart, of Ernst & Young, said: "As trusted, middle management is downsized, the eyes and ears of the firm are getting blind and deaf to potential misdemeanours."
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Publication:The Mirror (London, England)
Geographic Code:1USA
Date:Feb 3, 2003
Words:154
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