NY Post: Wall Street banks are amping up their Big Brother powers — hiring high-tech surveillance firms that can track nearly every move their employees make, from social media to the dark web and even if there is any irregular ATM activity on their bank accounts, The Post has learned.
The moves by the banks — to protect themselves from stiff fines and to finger potential law-breakers on the payroll — come as the Department of Justice said this month that it would seek to nail individuals during probes and that banks would be expected to cooperate if they wanted leniency in settlements, sources said.
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Property Casualty 360: Employee theft is a constant threat for all business. It doesn’t matter if the organization is big or small, public or private, all are vulnerable. Long-term employees offer no protection either since they are actually more likely to steal from an employer. Whether it involves convoluted schemes with fake vendors and international wire transfers, the classic theft from petty cash or forging checks, duplicitous employees will always find a way to take what isn’t theirs.
The costs of employee theft are huge. The typical organization loses 5 percent of its revenue to fraud each year. That’s a projected global loss of $3.7 trillion annually. (See the Association of Certified Fraud Examiners’ Report to the Nations on Occupational Fraud and Abuse for more details.)
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