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Keeping an Eye on Employees

Fraud often involves a human element, a factor that underscores the importance of background checks.

By Susan Kelly | Updated on August 10, 2016
As companies attempt to contain fraud, they need to keep in mind the human element. A recent survey by consultancy Strategic Treasurer showed finance executives cited employees as the source of 36% of the frauds reported.

“Usually the biggest frauds have some human element,” said Craig Jeffery, managing partner at Strategic Treasurer.

Jeffery noted that treasury teams have gone from dealing with check fraud, which might cost the company $1,500, to warding off business email compromise frauds that entail average losses of $150,000.

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