Insider fraud rising, but controls improving, survey suggests


Fraud by employees rose sharply in 2011, but the figures imply that internal controls against fraud have also become much more effective, according to a survey released on May 11 by the UK non-profit fraud information sharing service Cifas. The study found a 14.5% increase in staff frauds from 2010, with 378 reported by Cifas members this year. But 44% of the frauds were discovered by companies' own internal controls. In contrast, a KPMG study in 2011, covering the period from 2008 to 2010, f