Whistleblowers for every organisation are a must. Whistleblowing is a proven fraud and corruption preventative measure and deterent.
- Whistleblowing is consistently the most common detection method, by a significant margin, for cases of occupational fraud.
- The longer frauds last, the more financial damage is caused, therefore proactive detection measures, such as a whistleblowing hotline, are vital in detecting frauds early and limiting company losses.
- 43% of fraud is uncovered by whistleblowers which highlights why Whistleblowers are a must for organisations.
- The smallest organisations tend to suffer disproportionately large losses due to occupational fraud.
- 77% of the frauds are committed by individuals working in one of seven departments: accounting, operations, sales, executive/upper management, customer service, purchasing and finance.
- Companies typically lose 5% of their annual revenue to fraud, which works out to well over R23-trillion a year!
- 33.3% of cases were reported without a hotline service. 51% of cases were reported through hotline services.
- 43.8% are living beyond their means, 33.0% are experiencing financial troubles, whilst 21.8% have unusually close association to vendors and/or customers.
- 39.1% of reported cases are dealt with internally, while 60.9% of reported cases are referred to law enforcement to be solved.
- Accordingly to world renowned fraud, corruption and investigation expert, Michael J. Comer, 25% of employees would steal, 25% would never steal and 50% could go either way depending on the culture of the organisation.
Whistle Blowers (Pty) Ltd – drawing all employees into the crime fighting fold.