Fraud - The New "Business Cancer"

Listen to a Preview

Running Time: 6:04

Date: 01/11/2011

Internal fraud is the new cancer affecting business - it spreads like wildfire when staff are demotivated or uncertain about the future.

Internet fraud attracts a lot of attention, but internal fraud is far bigger, costing the Australian economy $3.5 billion a year. Darrell Weekes, Director of Strategy forAttache Software Australia, says it's most prevalent when staff are demotivated or uncertain during an economic downturn. And poor or out-of-date accounting systems will provide the opportunity. Most fraudsters, not surprisingly, work in bookkeeping or accounts areas where they can cover their tracks, and a staggering 80 percent are first-time offenders with no criminal history. Look at your systems, Darrell advises, and make sure they're as watertight as possible.