employee theft

Concern Over Internal Fraud Among UK Small Businesses Rises 138% In Just One Year

Concern Over Internal Fraud Among UK Small Businesses Rises 138% In Just One Year

Concerns over internal fraud among UK small businesses has risen 138% in the past 12 months, according to a report by Bottomline Technologies. The UK Business Payments Barometer has revealed that while firms appear to be strengthening their defences – a majority remain in the dark over whether they are actual victims or not. Indeed, 56% of financial decision makers surveyed admit they don’t know if they’ve been targeted by fraudsters or not – suggesting businesses still aren’t doing enough to detect if they are being swindled by their own employees. It suggested that a rise in ‘salami fraud’, where thieves steal minimal amounts of money (even as low as 1p or 2p) that builds up over time, is a possible factor as to why small firm owners remain unsure about internal fraud. Despite the vague ... »

Trips to The Bank Cost Businesses 93 Million in Wasted Hours Every Year

Trips to The Bank Cost Businesses 93 Million in Wasted Hours Every Year

UK small businesses spend a combined total of 93 million hours each year making trips to the bank, according to a report by Barclays Business. The survey of 1,000 small enterprise owners revealed that it takes the average respondent one hour to pop down to deposit cash –  totalling 26 hours and 17 minutes every year. The errand isn’t just costing businesses time, however, as its revealed that 18% of those surveyed actually temporally close their business to carry out the chore, with this figure rising to 47% when concerning 18-34 year olds. It’s suggested that some business owners find the task of depositing cash tiresome, with 27% of business owners admitting they put off taking their earnings to the bank on a regular basis while 7% even keep their cash in a locked safe or “under th... »

Businesses Lose £190m Every Year to Employee Theft

Businesses Lose £190m Every Year to Employee Theft

UK businesses lose an astonishing £190m every year due to employee theft, according to a report from Kit Out My Office. Surveying 2,106 employees, two-thirds admitted to stealing from their workplace and 11% confessed to having stolen personal items from their colleagues. 73% of respondents said that they’d never been caught stealing from their office and, of the 27% who admitted they had, 51% said they had faced no penalisation or consequence for their action. Stationery (71%), such as pens and sellotape, topped the most stolen items list with toilet rolls (52%) and food and drink (44%) coming second and third respectively. Gareth Jones, digital marketing manager for Kit Out My Office, said: “It’s a real surprise to see how much a few pens and toilet rolls here and there add up. It may se... »