Fraudsters are `trusted staff'

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THE IMAGE of the company fraudster as a disaffected or temporary employee has been shattered by a survey that found these crimes are usually carried out by long-standing and trusted employees.

A startling 84 per cent of the worst frauds had been committed by company employees, according to a survey of over 11,000 senior executives in 32 countries published today. Nearly half of employee fraudsters had more than five years' service, the survey by accountants Ernst & Young found.