Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Employee theft jumps by a fifth as cost of living pressures mount

by February 23, 2023
February 23, 2023
Employee theft jumps by a fifth as cost of living pressures mount

Employee theft has jumped by a fifth as the rising cost of living triggers a wave of workplace crime, new data suggests.

National figures reveal almost 6,000 workers were caught stealing from their employer in 2022, up from 5,000 the year before. This amounts to nearly 500 incidents every month.

The analysis was carried out by insurer Zurich UK based on Freedom of Information data from 43 police forces in England and Wales.

London’s Metropolitan Police saw the highest number of employee thefts, with 874 incidents last year, while the City of London saw the fewest, at 18. The biggest increase in thefts occurred in Lincolnshire, up from 40 to 71 incidents – a rise of 44%.

Employee theft ranges from petty pilfering of office supplies to the theft of data and embezzlement of company funds.

Although overall numbers are low, Zurich has seen an increase in commercial crime claims, including employee theft, which can leave firms facing average losses of £140,000.

Recent claims include a £150,000 theft by a ring of employees at a food manufacturer and a £50,000 claim from a double-glazing firm defrauded by its finance manager.

Rose Sutton, a senior Speciality Lines claims expert, said: “As cost of living pressures mount, employee theft has significantly increased, suggesting some workers could be turning to desperate measures to make ends meet.

“The consequences of employee theft can be devastating for companies, resulting in reduced profits, lower staff morale and in extreme cases, even bankruptcy. Consumers also lose out through higher prices.

“No business is immune to theft in the workplace, which can go undetected for years, and occur at all levels. Unless firms have the right protection in place, they have little chance of recovering stolen cash and goods, and may face other expenses, such as regulatory fines.

“Insurance provides a vital safety net that can help firms mitigate the impact of financial losses and resume normal operations quicker.”

Firms can reduce the risk of employee theft by implementing robust payment controls, regular audits, and a positive work culture.

Zurich has also seen an increase in claims for social engineering, where fraudsters manipulate employees into making payments or handing over bank details and passwords.

This includes cases where criminals have hacked a senior employee’s email and sent urgent payment instructions with fraudulent bank details to other staff members and external parties.

Arunava Banerjee, Cyber Risk Consulting Lead at Zurich Resilience Solutions, said: “Fraudsters are using ever more sophisticated techniques to trick employees into divulging sensitive information.

“These tactics can sometimes be difficult to detect, making it crucial that employers have robust security measures in place, alongside effective cyber awareness training to help staff detect and avoid these scams.”

Read more:
Employee theft jumps by a fifth as cost of living pressures mount

0
FacebookTwitterGoogle +Pinterest
previous post
Vodafone credit card size 5G network could eventually expand private wireless markets
next post
London Underground drivers to strike on 15 March

You may also like

Startup founders are busy, but they still need...

January 3, 2023

Warning petrol ban delay could stop people buying...

September 20, 2023

Gold price rallies as safe haven asset is...

March 18, 2023

Nintendo Switch 2 launches at midnight as fans...

June 5, 2025

Rayner signals potential delays to key employment reforms

August 16, 2024

London gateway looks to surpass felixstowe as UK’s...

July 15, 2024

How AI will change our workplace

December 16, 2022

Businesses expect taxes to rise after general election

November 6, 2023

Persil advert banned for misleading green claims

August 31, 2022

Lancaster University spinout wins major backing to revolutionise...

February 6, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Tom Hartley Jnr completes sale of Mansour Ojjeh’s extraordinary McLaren collection

      August 27, 2025
    • Trump administration to review 55m US visa holders in sweeping immigration crackdown

      August 27, 2025
    • AI profiling of social media will boost HMRC’s tax compliance, say advisers

      August 27, 2025
    • Seven keys to a successful AI strategy for corporate enabling functions

      August 27, 2025
    • Virgin StartUp launches Momentum accelerator to back dyslexic entrepreneurs

      August 27, 2025
    • Apple expected to roll out texting update that would hit GOP hardest ahead of midterms, fundraisers say

      August 27, 2025

    Categories

    • Business (8,897)
    • Investing (2,242)
    • Politics (16,499)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved