- Enron whistleblower, Sherron
Watkins, alongside stars of Apple TV's The Big Conn,
Sarah Carver and Jennifer Griffith, reclaim derogatory labels for
whistleblowers
- Concerning new data shows more than half of financial
professionals in the UK and US have spotted or suspected internal
fraud in their workplaces, yet four out of five stay
silent fearing retaliation
- 32% of professionals in finance have seen whistleblowers
victimized behind their back or to their face
JACKSONVILLE, Fla., May 21, 2024
/PRNewswire/ -- New data from
fraud detection software company Medius shows
more than half of financial professionals in the UK and US (56%)
have spotted or suspected internal fraud in their
workplaces yet four in five (81%) stayed silent. When asked why,
45% of professionals cited the fear of recrimination.
Whistleblowers Sherron Watkins,
Sarah Carver and Jennifer Griffith have joined forces to reclaim
the derogatory names they were called after reporting serious
internal financial fraud.
To help empower others to come forward, the whistleblowers are
reclaiming the terms "snitch", "rat" and "traitor".
Sherron Watkins is the former
Vice President of Enron Corporation who alerted the CEO to
accounting irregularities, warning the organization "'might implode
in a wave of accounting scandals." Watkins received national
acclaim for her courageous actions and TIME magazine
named her along with two others as their Persons of the Year in
2002, calling them simply 'The Whistleblowers.'
Sarah Carver and Jennifer
Griffith are the stars of Apple TV's The Big
Conn after they exposed a fraud scheme of more
than $550 million while employed at
the Social Security Administration. In efforts to silence their
disclosures, they experienced multiple acts of severe retaliation
and were denied protection. Ultimately, both Carver and Griffith
were forced from employment.
Concerns of repercussions are vindicated - the survey reveals
the extent to which financial professionals in the UK and US have
witnessed negative consequences for whistleblowers
firsthand:
- 59% have seen whistleblowers subsequently left out of important
decisions
- 33% have seen whistleblowers moved to a different team
- 32% have heard whistleblowers called derogatory names behind
their backs or directly to their face
When asked what would encourage them to flag suspicious
activity, 93% of workers surveyed would feel more comfortable doing
so if they had more evidence, yet nearly half (48%) said the legal
system simply does not adequately protect whistleblowers.
Jim Lucier, CEO at Medius,
a leading global provider of cloud-based accounts payable
automation and spend management solutions, said:
"White collar crime is on the rise and no organization is
safe. Employees are the last line of defense
against fraud but confidence to report
suspicious activity is declining. AI anomaly-detection technology
can provide employees with the evidence and assurances they need to
be more forthcoming. Building a culture where employees feel
comfortable to report their suspicions could save organizations
millions in the long-run."
Medius works with over 4,000 customers across 102 countries and
processes $200 billion in annual
spend. It uses the power of AI and automation to detect
fraud the moment invoices are submitted safeguarding
against bad actors and potential threats, internal and
external.
Sherron Watkins, whistleblower
who was called a "snitch", said: "When someone is
troubled by corporate wrongdoing and they attempt to sound the
alarm, the pathway is uncharted, things happen organically. Normal
rational people speak about their concerns with their closest
friends and work colleagues, who often suggest staying safe saying
"keep your head down, if you must report, go soft, nothing black
and white." Yet black and white evidence is what is needed to get
the attention of those in power, either internally or with media or
outside watchdog groups to prevent or stop fraudulent
activity."
Jennifer Griffith,
whistleblower who was called a "traitor", said: "Choosing to
blow the whistle involves more than just the desire to right a
wrong. It's about protecting their employers from
fraud. However, it's more often than not seen as
causing trouble for the employer, or as a self-serving action to
get a financial reward. No one who chooses to blow the whistle
expects to have their reputation attacked, their credibility
impugned or to lose their job. The cost of ignoring a
whistleblowers complaints are far greater than acknowledging that a
problem exists and taking steps to fix it. It's been 19 years
since I blew the whistle and the problems that existed then with
the Social Security Administration still exist today. We must do
more to protect whistleblowers."
Sarah Carver, whistleblower
who was called a "rat", said: "The government's attempt to
conceal the fraud resulted in exacerbated damage,
whereas a more prudent approach would have entailed immediate
acknowledgement and rectification upon initial disclosure. The
retaliatory measures aimed at silencing me made me stronger and
fight harder to find someone to listen and stop the
fraud."
Georgina Hallford-Hall, CEO of
Whistleblowers UK, said: "Too many organisations talk
the talk but fail to engage with whistleblowers often at great cost
to both. Technology used properly can remove the fear that both
organisations and whistleblowers have about dealing with
whistleblowing because it removes the person and focuses on the
concerns or malfeasance. WhistleblowersUK are calling on the UK
government to introduce an Independent Office of the Whistleblower
to protect everyone from discrimination setting standards that end
stigmatisation and discrimination making it safe to speak
up."
The billboard advertising campaign runs on Wall Street from
Saturday, 18th May to Friday, 24th May
2024.
For more information about how Medius can prevent
fraud, visit:
https://www.medius.com/whistleblowing/
Notes to Editor
Methodology
The research was conducted by Censuswide with 1500 financial
professionals in the UK and US (aged 18+) between 04/22/24 - 05/07/24. Censuswide abide by and
employ members of the Market Research Society which is based on the
ESOMAR principles and are members of The British Polling
Council.
For more information, please contact:
Fight or Flight for Medius
Medius@fightorflight.com / +44 330 133 0985
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/medius/r/snitch---traitor---rat--courageous-whistleblowers-reclaim-derogatory-terms-as-data-shows-80--of-fina,c3985054
View original
content:https://www.prnewswire.com/news-releases/courageous-whistleblowers-reclaim-derogatory-terms-as-data-shows-80-of-financial-professionals-stay-silent-on-suspected-internal-fraud-fearing-retaliation-302151618.html
SOURCE Medius