Corporate Governance » Embezzlers Profiled In Study By Insurance Carrier

Embezzlers Profiled In Study By Insurance Carrier

July 15, 2016

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Based on information gleaned from hundreds of federal court cases, international insurer Hiscox has released its 2016 “Embezzlement Study.” It looked specifically at incidents that occurred in small and medium-sized companies (up to a maximum of 500 employees), but those incidents accounted for 69 percent of federal embezzlement cases. Over 80 percent of thefts occurred at companies with fewer than 150 employees, and just under half had fewer than 25 employees. Embezzlers are typically senior people and somewhat more likely to be female, although this year’s numbers indicate movement toward gender equality in this arena: Last year the percentage of perpetrators who were women was 60 percent, and this year it’s down to 56. The study’s authors list four factors that can turn a trusted employee into a criminal, and they recommend a number of best practice for fraud prevention. There is one seemingly sensible practice they say should always be avoided.

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