Payroll Fraud Costs UK Firms £12bnSaturday, 28th May 2016 at 5:44pm
An article on the People Management website give details of a report which states that businesses in the private sector are collectively losing £12bn each year through payroll fraud.
While payroll was found to be responsible for 8 per cent of losses through fraud in private businesses, the biggest source of loss related to procurement – causing annual losses of £127bn.
The report said some of the most common ways this occurs include legitimate suppliers adding unauthorised costs to invoices; legitimate suppliers colluding with staff to add additional costs to an invoice; fraudulent suppliers and staff submitting false invoices for payment; and fraudulent staff diverting legitimate payments to themselves.
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