New data obtained by accountancy firm RSM under the Freedom of Information Act has revealed that businesses reported more than £40m in losses from corporate employee fraud last year. The data revealed that businesses submitted over 800 reports to the police about employee fraud in 2016-17. Internal frauds can include payment fraud, procurement fraud, travel and subsistence fraud, exploiting assets and information or receipt fraud. Most are discovered as a result of internal controls and audit, but a growing number of frauds are coming to light as a result of staff raising concerns with line managers, or via whistleblowing channels. In reporting the figures, RSM advises companies to consider a number of very useful preventative measures.

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