When good employees go bad - when they steal from the financial institutions that employ them and the customers who trust them - the initial reaction from colleagues and managers is rarely outrage. It's disbelief.
How could the same people who sat around the break room table for years, who met for drinks after work, who became confidantes and friends, who went to weddings and graduations, steal? It's a betrayal of friendship, of professionalism, and of the special trust that financial services organizations have to maintain with their customers. It seems unthinkable. But it's not.
As the often-cited wisdom goes, banks are far more likely to be defrauded by their own employees than robbed by a thief. Employee fraud is a growing type of fraud, one that triggers billions of dollars in worldwide losses, damages reputations, and can even destroy organizations. It affects institutions of all sizes, from the smallest local credit unions to the largest multi national banks.
Internal fraud has earned its way onto the top ten lists of fraud threats from industry experts. And it's on the rise, fueled by an uncertain economy, turmoil in the banking system, and growing public skepticism and concern. While our main focus is the financial services industry, employee fraud remains a critical challenge for brokerages, insurance agencies, retail organizations, pharmaceutical companies, and other susceptible organizations. The themes explored in Insidious have relevance far beyond banking.
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2 of 3 people found the following review helpful:
5.0 out of 5 stars
The Inside Story ABout Fraud,
This review is from: Insidious: How Trusted Employees Steal Millions and Why It's So Hard for Banks to Stop Them (Paperback)
Employee fraud isn't exactly something banks want to talk about. But it happens, and a lot, generating high losses. Tellers, branch managers, executives -- they all have the chance to steal. And some of them take it. This smart and well-informed book is written in clear and compelling language by two experts with deep insights about banking and human behavior. I found it fascinating. Particularly when they track down a former branch manager, now in prison, and let her tell her story. You'll never look at a bank employee in quite the same way again.If you're in banking or another field where employees can steal, this book is for you. But buy it, don't steal it.
3 of 5 people found the following review helpful:
2.0 out of 5 stars
Unfortunately, not worth the money....,
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This review is from: Insidious: How Trusted Employees Steal Millions and Why It's So Hard for Banks to Stop Them (Paperback)
This book is poorly written. The same ideas are presented over and over again. I wanted to read about real life examples and solutions and found very little of that.
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