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
http://www.nzherald.co.nz/hawkes-bay-today/news/article.cfm?c_id=1503462&objectid=11097599