Fraud hits most travel and tourism businesses

Three quarters of sector’s businesses hit by fraud in past year
Three quarters of companies involved in the leisure, tourism and transportation sector were victims of fraud in the past year, according to a global fraud report.
The findings of the 2015 Kroll Global Fraud report show that the most common type of fraud experienced in the sector was vendor, supplier or procurement fraud, which is suffered by 20% of leisure and tourism companies. This is higher than the 17% average over all sectors.
It was followed by theft of physical assets or stock (15%) and corruption or bribery (15%).
Three quarters of respondents in travel and tourism (75%) said their exposure to fraud had increased, the biggest causes of this being high staff turnover (32%) and entry to new, riskier markets (15%).
The report also shows that executives in the transportation, leisure and tourism industry are less likely than executives in other sectors to plan investment in anti-fraud strategies, such as background screening and partner and supplier due diligence.
“Much media attention is focused on external threats to companies, highlighted by high-profile cyber attacks, but the evidence revealed in our report and our day to day experience tells a different story,” said Tommy Helsby, chair of Kroll.
“The respondents in this survey indicate the greatest single cause of fraud in their companies is their own employees. It is not enough for companies to protect themselves from outside threats – both external and internal vulnerabilities need to be addressed.”
TTG Digital

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