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International News

Half Of Large Canadian Companies Hit By Employee Fraud Attempts

January 01, 2011 posted by Steve Brownstein

A recent survey finds that 48 percent of executives at large Canadian companies said that workers have attempted to defraud their organizations, while only 35 percent of mid-sized corporate executives said they, too, have experienced insider fraud.

Regardless of company size, employees who attempted fraud were very likely to get caught, according to the results of a SAS/Leger Marketing survey of more than 1,000 Canadian executives carried out earlier this year.

Only 4 percent of executives at large companies said workers who carried out fraud got away with it, whereas 10 percent of those unscrupulous workers at mid-sized companies escaped undetected, according to executives.

More than two out of three fraudsters were tracked down after the heist occurred--74 percent and 69 percent, respectively, for large and mid-sized companies. In roughly one out of every six cases, the company spotted the fraud attempt and stopped it before it happened.

Customer fraud, which encompasses anything from insurance scams to credit card and mortgage fraud, was also a greater concern for large companies, with 47 percent of executives saying they had been impacted, versus 30 percent for mid-sized firms.

At large organizations, 7 percent of customer fraudsters got away scot-free versus 12 percent at mid-sized companies, the respondents said. The financial, food/retail, and government sectors were the biggest targets of customer fraud attempts, with 60 percent of food/retail executives, 59 percent of finance executives, and 44 percent of government executives saying they have been the victims of customer fraud.