One quarter of professionals have witnessed fraudulent activity involving business documents according to Version One survey
19 December 2012 - 67% of senior finance and IT professionals believe that insider fraud involving business documents is possible within their organisations and 25% have witnessed document tampering by a member of staff. This is according to a survey carried out by document management and imaging software company, Version One. Version One carried out the research with 91 senior finance and IT professionals from a range of UK public, private and third sector organisations.
The results from the same survey carried out by Version One five years’ ago reveal that there has been a minimal decrease in the number of senior professionals who believe that someone in their organisation would be able to tamper with or ‘lose’ a document to suit their ends. Results also reveal a 13% decrease in the number of professionals who have witnessed fraudulent activity involving business documents.
In the 2007 survey, 73% of survey respondents stated that a document could be fraudulently tampered with by a member of staff. In addition, in 2007, 38% of respondents admitted that they had come across activity that could be considered fraudulent involving business documents.
With UK National Fraud Authority’s latest Annual Fraud Indicator estimating that the loss to the UK economy from fraud is around £73 billion a year, it is worrying that fraud by staff is still so prevalent.
Greg Ford, Version One's Managing Director, says, “The survey results highlight that internal fraud remains a real risk. Although it is encouraging that fewer people appear to be committing and able to commit internal fraud involving business documents, the figures remain alarming.”
Of the survey respondents who believe that insider fraud is a possibility within their organisations, 74% stated that an electronic document management system would help prevent fraudulent activities. By implementing a document management and imaging system, the likelihood of ‘losing’ and tampering with a document, such as an invoice or purchase order, is considerably reduced and it is apparent who has viewed and authorised which documents.
Ford comments, “If insider fraud is to be effectively tackled, organisations need to invest in fraud detection and prevention solutions, such as a secure electronic document management system. By using such a system, documents can’t be tampered with, ‘lost’ or shredded and by ensuring that the system is based on strict levels of authorisation, this makes it extremely difficult for staff to manipulate documents.”
Notes to Editors
About Version One www.versionone.co.uk
Version One Ltd is the author of electronic document management and imaging solutions. These solutions enable the electronic storage, retrieval, management, delivery and processing of business documents such as invoices, purchase orders and statements. This 'paperless office' technology is seamlessly integrated into all major accounting and ERP systems and with a typical payback of less than six months, Version One's solutions are enabling thousands of organisations to cut paper consumption whilst saving dramatic amounts of time and money.
Version One is an Advanced Computer Software Group plc company.
Liz Ebbrell and Alex Hudaly