OFT reveals £250,000 internal fraud

OFT reveals £250,000 internal fraud




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This year consumer watchdog, the Office of Fair Trading, has been busier than ever protecting consumers from the flood of scams and unscrupulous practices that a recessionary period brings. 

However, it would seem that even the watchdog itself is not immune to falling victim to fraud.

 

In the OFT’s annual report for the last financial year it was quietly disclosed that it had suffered a cash loss of £250,000, of which £97,000 occurred in 2008-09, and £153,000 occurred in 2007-08.

 

The OFT stated: “This was due to an alleged fraud made possible by a control weakness in the Accounts Payable process”.

 

Although the OFT refused to give further details, it said that immediate action had been taken to address the “control weakness” once the loss had been discovered.

 

It is thought that a former staff member has been charged with an offence, as the OFT confirmed that legal proceedings are ongoing.

 

However, the admission will still raise some eyebrows that no one within the OFT noticed the amount of money going missing, despite the substantial duration of the fraud.

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