Recruitment fraud is a significant problem across the world and naturally, the cases that reach the public realm are the most shocking. However, what is arguably more worrying are the hundreds of thousands of unreported cases, where fraudsters successfully infiltrate their host organisation and continue to stay under the radar, causing untold damage.
Initial misrepresentation or misleading information presented by a prospective employee on a CV is often seen as being little more than a ‘white lie’, but it can and sometimes does lead to bigger financial and reputational costs down the line.
For the first time, Crowe research has established a baseline cost for such fraudulent activity – UK businesses are losing £23.9bn a year – and reveals the extent that businesses are continuing to leave the door open to fraudsters.
The good news is that there are steps that can be taken to mitigate, counter and limit the damage of such attacks:
- Acknowledge the threat
- Recognise the scale of the problem
- Deploy the appropriate checks
- Don’t go it alone
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