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.
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