Anti-fraud training critical to avoiding betrayal, losing trust of customers
The havoc wrought by insider fraud can have far-reaching consequences for both your company and clientele. Several recent examples have proven how damaging fraud can be in the financial sector. But, in truth, there isn’t a single industry today that can afford to forego implementing safeguards.
According to an article at online news source Bank Info Security, one such incident in Ohio earlier this month lead to the collapse of a credit union and a man being sentenced to 37 months in prison for loan fraud and money laundering. About a week prior, two former employees of Chemung Canal Trust Company Bank pleaded guilty to masterminding a seven-year embezzlement scam that cost the bank roughly $325,000.
Insider fraud, also known as friendly fraud, is a difficult topic for many businesses to tackle because it involves trusted employees betraying the companies they are supposed to be – and often appear to be – loyal to. However, the dangers are far too real to be ignored, and fraud detection must be a top priority.
