Theft by Deception or Fraud

Theft of money or goods arising from fraud or deception by:

• Employees

• Third Parties working in collusion with, or independently of employees

• Hackers

Long serving and trusted employees remain the most severe risk connected with obsessions or addictions of one kind or another. Insurers report that nothing consumes cash as quickly as compulsive gambling.

There is also a growing number of reports of large amounts of money being stolen by electronic means. Staff with high levels of authority or good IT skills are a concern particularly where management understanding of IT and controls are weak. They can also act in collusion with external people.

IT System security breaches by Hackers is on the increase.

Businesses need to be alert to the risks and vigilant.