Employee Theft and Fraud

Paper Summary:

Theft and fraud is a costly problem for business organizations all over the world. It is estimated to cost approximately $200 billion annually to U.S. companies alone. This paper explains how, with an increase in the use of computers and online e-commerce by businesses in recent years, the problem has proliferated greatly and is now a major headache for human resource and security managers. It discusses that, although it may not be possible to totally eliminate theft and fraud in businesses, the problem can be controlled by taking appropriate steps and by adopting the right policies in an organization. This paper focuses on the options available to security managers for protecting their organizations from the threat of theft and fraud.

From the Paper:

"The United States Dept. of Commerce estimates that up to 85% of all organizational theft and fraud is committed by employees from within the organizations, rather than by outsiders. (Quoted by Bell and Smith, 2000 ) Such "inside jobs" may include embezzlement, fraudulent filing of expense accounts and reports or removal of company property such as office equipment and software from the company premises for personal use. Employee theft may also consist of unauthorized disclosure of company secrets to competitors for personal gain or as an act of revenge."

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