Significant public sector redundancies are inevitable and employee engagement amongst the public sector will undoubtedly be low. The private sector has learnt to its cost that at times like these, it is vital to protect your organisation from employee fraud.
The majority of people would never consider defrauding the company they work for, however there are always some people, especially at times of economic hardship, who are tempted to commit fraud and if the right fraud prevention tools are not in place, they could well succeed!
The findings of a survey earlier this year highlighted that 41% of UK managers and finance professionals believe that it would be possible for them to commit fraud within their organisations.
A survey by Ernst & Young 11th Global Fraud Survey released at the same time revealed that fraud appears to be increasing (from 13% to 14% in the UK within the past two years). The spending cuts announced today, which will undoubtedly lead to considerable public sector redundancies are likely to further increase levels of fraud within the UK.
To avoid being a victim of fraud, ensure your organisation invests in added security solutions, such as spend analytics software, which provide another layer of fraud detection and prevention.
As well as providing spend visibility to help inform spending cuts, by delivering a comprehensive and single view of an organisation’s expenditure, spend analytics enables the quick detection of any spending anomalies. Without added security systems like this in place, organisations will remain vulnerable to fraud, especially when public sector redundancies are at their highest.
So learn from the private sector and protect your public sector organisation against fraud – you can’t afford not to!