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. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Threat of internal fraud a growing concern at corporates

Corporates are now refocusing their efforts on internal fraud as well as external threats of cybercrime, following some high-profile cases.


Internal fraud is a growing concern for companies, as citied by 38% of respondents in Bottomline Technologies’ report UK Business Payments Barometer 2017.

The figure is a sharp increase on the 13% of respondents who considered it an issue in the 2016 survey by the business payment technology company.

The survey also found that 56% of companies are unaware if they have been the victim of payment fraud, and the need for greater security was found to be the biggest driver for change in the payments industry for the second year running.

With a number of high-profile cases involving internal fraud in recent years, it is a legitimate concern.

In 2015, an employee at BMW in the UK was found guilty of stealing £5.9 million from the company over a four-year period. The money was taken in 59 separate transactions listing the employee’s own bank account details under that of a supplier. The true recipient of the funds was only discovered after an audit.

More recently, the South Korean subsidiary of Swiss company ABB fell victim to a treasurer taking $31 million, spread over 73 transactions.

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.


Unlimited access to and

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


Unlimited access to and, 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


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