- 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 22, 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."
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/
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/courageous-whistleblowers-reclaim-derogatory-terms-as-data-shows-80--of-financial-professionals-stay,c3985898
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-302152635.html
SOURCE Medius