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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