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Insurance: How to Protect Against Employee Fraud
Home > Features > Insurance: How to Protect Against Employee Fraud
Insurance: How to Protect Against Employee Fraud
by Stella Tse and Gary Chua, Marsh, 14 December 2009

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Risk Management
crime insurance fidelity guarantee fraud insurance
The most dangerous enemy is sometimes the one from within. That, at least, is how it can be for companies that fall victim to employees who commit fraud to enrich themselves or do damage to the firm.
Employee fraud can be the most difficult to uncover – people who work on the inside know how the systems work, and are able to cover their tracks in a way that outsiders do not. What’s more, in recent years, new global business models and sophisticated systems have increased the risk that security breaches will occur. At the same time, the economic downturn has led to greater levels of insecurity, employee dissatisfaction and motivation to commit crime.
An ounce of prevention is worth a pound of cure: risk management and internal controls are the best way to avoid loss. But no security system can keep up with every potential breach. If your company is the victim of a crime, from inside or outside the organisation, the surest way to provide balance sheet protection is through having the right kind of insurance...