With all the buzz about cyberattacks and cyber threats, it’s all too easy to take your eyes off of a common threat that is much closer to home—fraud that occurs within your own organization. While no business owner wants to think about embezzlement occurring within their own employee population, it can and does happen on a frequent basis.
Consistent with national trends, organizations with fewer than 100 employees are the primary targets. Additionally, there is an increase in financial crimes in which people are colluding with internal or external partners. Why? Cooperation increases their chances of success, because collusion cases are more difficult to detect—perpetrators tend to be more creative than those who work solo. But, they can be exposed if organizations are diligent about curbing fraud and embezzlement.