Insurers have urged businesses to consider taking out employee fidelity cover after the recent case of Joyti De-Laurey, the Goldman Sachs PA who stole more than £4m from former colleagues.
According to figures from National Economic Research Associates, corporate fraud costs businesses in England and Wales nearly £14bn each year. Crime manager in Royal & SunAlliance's professional and financial risk division, Mark Witchell, said that while many large firms buy crime cover for balance sheet protection, it is rarely bought by smaller businesses. "If it can happen to Goldman Sachs it can happen to you," he said.
Out of 100 cases of fraud accounting firm KPMG has investigated, only 7% of fraudsters were female. KPMG also found a third of fraudsters had been with the company for between 10 and 25 years.
