87% of Finance Professionals Encountered Fraudulent Expenses, Study Finds
A new global study by Medius reveals that 87% of finance professionals have encountered or identified fraudulent expenses, reimbursements, or claims in the workplace. The research also highlights significant investment in AI and automation within finance departments.
A significant majority, 87 percent of finance professionals, have encountered or identified fraudulent expenses, reimbursements, or claims in the workplace, according to a new global study released by Medius. The research, which surveyed 2,386 finance executives across the US, UK, Sweden, and France, indicates that workplace fraud is becoming normalized within finance departments.
The study found that finance teams are investing heavily in artificial intelligence (AI) and automation to improve operational efficiency and governance. Despite these investments, fraud, operational inefficiencies, governance issues, and workforce well-being remain persistent challenges. There appears to be a growing tolerance for minor fraudulent activities.
"With an increasing number of finance executives reporting that they have seen or experienced fraudulent expenses, reimbursements, or claims, the fight against fraud remains a significant challenge for the finance industry," Medius stated in its release. Companies are seeking to address these issues by investing in technologies like AI and automation, which can help identify discrepancies and enhance process transparency.
However, the research underscores that despite technological advancements, many organizations continue to struggle with fundamental aspects such as employee well-being and effective governance. The normalization of fraud may signal a need to strengthen internal controls and foster a stronger ethical culture within finance organizations.