A huge 65% of financial professionals in the UK said they have suspected internal fraud at work, however 77% of those have not gone on to report the suspected crime.

Almost half (46%) stated the reason for keeping quiet was out of fear of being left out of important decisions (43%), being moved to a new team (42%), and 40% said they have heard previous whistleblowers experience abuse, either directly or indirectly, found research by Medius, a fraud detection software company.

Almost half (47%) also said there was not enough protection from the legal system for whistleblowers, with a majority (91%) of respondents saying they needed more evidence before reporting anything.

There is little protection for whistleblowers, making it difficult for staff to report potential 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.’

Speaking from experience, Jennifer Griffith, who was one of the Enron whistleblowers in the huge $550m power company fraud in 2001, which led to the collapse of Arthur Andersen, 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 whistleblower’s 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.’

Jim Lucier, CEO at Medius, said: ‘White collar crime is on the rise and no organisation is safe. Employees are the last line of defence against fraud but confidence to report suspicious activity is declining.

‘Building a culture where employees feel comfortable to report their suspicions could save organisations millions in the long run.’

Whistleblowers UK is calling on the 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.