The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Treasury

Remote working demands improvements in fraud detection

Large-scale working from home has raised the spectre of internal fraud, and treasury departments are finding it harder to conduct effective investigations.

Fraud-hook-istock-960x535.png

A recent survey by the Association of Certified Fraud Examiners (ACFE) revealed that 48% of companies polled had experienced an increase in employee embezzlement since the start of the Covid-19 crisis – an increase of almost a half compared with the start of the pandemic.

More than two-thirds expected employee embezzlement to increase further during the next 12 months, with a quarter predicting a notable increase.

Perhaps more worryingly from a treasury perspective, almost two-thirds of attendees at the annual conference of Cifas – the UK fraud prevention service – suggested that fraud might become more ‘acceptable’ to the public amid the pandemic and economic downturn.

However, in 2020 a long-term study of internal fraud conducted by Cynthia Courtois and Yves Gendron from Université Laval found that corporates had become less likely to report incidents to the police, partly for fear of reputational damage, but also because they didn’t trust the authorities to fully investigate their cases.

Private investigators certainly have a role to play in helping corporates uncover fraudulent financial activity
Nicolas Trimbour, BNP Paribas
Nicolas-Trimbour-BNP-Paribas-960.png

Some of the companies they interviewed had engaged private investigators to look into suspected fraud, with an emphasis on retrieving lost funds rather than prosecution.

“As


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree