It has been claimed that insider frauds – crimes committed by members of staff – are now one of the main security threats posed to UK mortgage lenders and building societies.

The cost to lenders and building societies was more than £500 million in 2009, according to the Serious Organised Crime Association (SOCA). However, it is anticipated that this figure will rise in 2010 and beyond, as there has been a large rise in the number of fraud incidents being reported in the UK’s financial services sector involving employees.

Men are still responsible for committing most high value frauds, while the growing proportion of women focused on opportunist and relatively low value theft.

Angus Stewart, chief executive of e-solutions, a fraud management specialist, said: “Unfortunately this is a trend that will continue unless organisations start to wake up to the threats they face from within.