Business
Fraud employee embezzlement and how to protect it is based on 5 FBI cases of
embezzlement. Employee embezzlement happens more frequently than most people realize and usually it is because basic internal controls are not in place. This episode looks at 5 real-life cases, shares how the crimes were committed and offers suggestions on practices that might have prevented the #embezzlement. #accountspayable teams are the first line of #fraud defense and companies everywhere should be cognizant of this fact.
The Fraud Embezzlement cases include:
The Enterprising Reseller
The Bank Accomplice
The Back-to-Basics case
The Case of Spreadsheet Shenanigans
The Multi-Faceted Embezzler
Employees who embezzle often have access to bank accounts, procurement activity, approvals and more making it easy for them to commit their crimes, especially when appropriate separation of duties is not employed. Segregation of duties is part of the basic foundation of any fraud protection protocols.
Employee embezzlement often goes on for years, causing the amounts involved to
skyrocket. Many of the cases discussed involve organizations getting large grants making it easy for employees to hide their frauds especially when controls are weak.
Link to How Employees Maneuver Around Approval Limits
https://youtu.be/yXqNV0F3B48
Playlist of all Fraud Videos
https://youtu.be/4z7UBwVA8Bw
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