According to figures from KPMG, fraud figures fell from £1.1bn in the first half of 2011 to just £374m in the same period this year. However, most cases tend to come from within organisations, with 55% of the total perpetrated by finance directors, chief executives and other senior managers. Only 6% of cases came from employees.
The large drop in the levels of fraud was attributed to fewer “super fraud” cases.
Hitesh Patel, UK forensic partner at KPMG, said, "The extent and impact of fraud perpetrated from within businesses has historically been masked by a handful of exceptionally large cases coming to court, but the fall in such 'super' cases now shines a spotlight on the chronic and pernicious threat to businesses in these austere times."
One case highlighted by the research involved a former head of counter-fraud operations at a bank, who committed procurement fraud worth £2.4m for personal benefit.
"The value lost through management fraud shows graphically that businesses need to ensure controls are more than simply trust where senior members of staff are concerned; an effective anti-fraud regime applies to all, not just to more junior staff."