Travel firms warned to take steps to prevent employee fraud

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Travel firms warned to take steps to prevent employee fraud

All travel businesses are vulnerable to fraud committed by their own staff and need to take steps to prevent it, the counter fraud campaign 2019 has warned.

Employee fraud has come under the spotlight this week in part three of a 10-week email awareness campaign being sent out to travel anti-fraud group Profit’s membership organisations such as Abta to send out to their travel agent and tour operator members.

The campaign, by Profit, the Fraud Intelligence Network (Fin) and the City of London Police, also highlights that fraud disproportionately affects small companies. The 2016 Report to the Nations on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners said businesses with fewer than 100 employees had the highest number of fraud cases.

This week’s focus on employee fraud has warned every organisation is vulnerable to fraud and corruption and warned all companies to have systems in place to reduce the risks.

The campaign highlights asset misappropriation; accounting fraud and bribery.

Examples of asset misappropriation include stealing money from the company; skimming (not registering the sale and pocketing the money); pocketing money after selling a holiday; and using a company credit card for personal use.

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