Theft and embezzlement are nothing new. As long as there has been wealth there have been people assigned to protect the wealth. The obvious flaw in this system was perhaps best stated by the Roman Poet Juvenal, who asked, “Who watches the watchers?”
No one wants to believe their trusted employees would steal from them, yet it happens all the time. People create fictitious vendors, inflate their salaries, and sometimes just take things without asking.Continue Reading
Nonprofits organizations continue to suffer loss as a result of fraud. Fraudsters capitalize on every opportunity to steal funds. Millions of dollars are defrauded mainly by those in leadership.
Control measures such as double checking signatures have since proven not to be preventive enough. There are several examples that can illustrate this better. The Washington Post reported the following incidents, all happened between 2007 and 2013:
A single scam can destroy companies, wipeout family savings, cost investors billions or all three like in the Enron case. It is important to keep vigilant, especially small business owners. WCC can take years to be discovered and even longer to gather the evidence to remove/prosecute the offender.