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Employee embezzlement goes undetected for 6 years

A woman steals over $660,000 from her employer through invoicing fraud, directing funds to her own account in a 6 year period. She also misused a company business account and fuel card, embezzling several thousands more.

This is one of the most common types of insider fraud within a workplace. The following security measures would assist businesses, to reduce the risk of a similar incident occurring in their business (and increase the chance of detecting the fraudulent transactions in a more timely manner): 

  • Security training and awareness in the workplace
  • A Code of Conduct Policy
  • An detailed employment contract 
  • A security culture strategy
  • Periodical invoicing audits
  • Close supervision and dual sign off on invoices over a certain value
  • Data mining practices to detect “red flags” such as invoices being paid into an employee’s account