New survey reveals fear of fraud in the public sector
A survey by PricewaterhouseCoopers has increased concerns of fraud and criminal activity in the public sector as the UK government pushes ahead with significant budget cuts. Over 50% of those companies who responded to the survey confirmed that they were the victims of economic crime within the last 12 months and when you consider that the global average is around 30% this does not bode well for the future.
Of the incidents reported 80% were in relation to the theft of assets, which included cash and equipment, with 40% relating to financial statement fraud. There has been a significant increase in fraudulent activity within the public sector since the recession hit home, as there has also been in the private sector, and with the situation in the public sector set to get worse in the short term the signs are not good.
While the UK government is obviously looking to combat any type of fraud in the public sector, this will be difficult against a backdrop of reduced investment in this particular area and ever-growing financial difficulties for those working in the sector and those claiming financial assistance from the UK government. However, while it is very unfair to cast a shadow over the whole public sector there is no doubt that fraud prevention systems could be improved in some areas.
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