EMBEZZLEMENT'S ENDURING COST: Small businesses pay a high price for long-term thefts.

Author:Mccollum, T.
Position:Practices/Update - Brief article
 
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Nearly one-fourth of U.S. embezzlement cases cost businesses more than $1 million, the 2017 Hiscox Embezzlement Study reports. Such crimes cost organizations median losses of $319,000.

More than half of employee fraud cases in U.S. federal courts in 2016 occurred in small companies, the study reports. Such breaches of trust by executives and employees can impact businesses significantly, according to Doug Karpp, crime and fidelity product head at Hiscox, a New York-based international specialist insurer. "Business owners and...

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