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man leaving office after being firedThe financial services industry faces the greatest threat of employee theft, with 17 percent of embezzlement cases occurring at these organizations with less than 500 employees.

In addition, the professional services industry has the highest median loss, with $615,101 stolen by employees, according to insurer Hiscox’s "2016 Embezzlement Study: A Report on White Collar Crime in America."

Here are some interesting insights about white collar crime:

  • Small businesses with less than 150 employees are 10 times more likely to be victimized by fraud than those companies with 250-500 employees.

  • Embezzlers often have financial pressures they think can only be relieved by a "loan" from their employer.

  • Why good employees go bad

  • Perpetrators are often smart, well-liked, and those whom you would least expect, Hiscox says.

  • Controllers/comptrollers represent just 5 percent of embezzlers, but are the only employee group with a median loss higher than $1 million.

  • Four out of five theft cases occured at companies with less than 150 employees.

  • Managers are more likely to commit embezzlement than employees.

  • Don't give end-to-end responsibilities for accounting.

  • For more information about cyber liability insurance for the insurance industry, give U.S. E&O Brokers a call at (800) 460-6424 today!

    (Source:propertycasualty360.com)

     

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