While there are always issues from time to time, other priorities were far more pressing—application fraud, account takeover, business email compromise incidents, and faster payments fraud, among other attacks.

However, in recent months, the economy has begun to falter, with many predicting tougher times ahead. Employee fraud incidents always increase when the economy goes south; employees are sometimes faced with very difficult circumstances and take uncharacteristic actions out of desperation.

Unfortunately, the problem is more complex, with almost any employee having opportunities to commit fraud if he or she desires—accounts receivable personnel can lap payables receipts, any employee with access to the general ledger can falsify entries, or employees can collude with others to sell customer data or falsify loan applications.  Employee fraud can occur in any area of an FI.

In anticipation of the expected resurgence in employee fraud, this Impact Report looks at the issue of employee fraud, including policies and procedures in the industry, employee monitoring mechanisms, fraud loss trends due to employee fraud and planned technology investments. FIs can compare themselves to their peers in this report and prepare for the upsurge of employee fraud before it impacts them negatively.

Download the full report to learn about the following important employee fraud-related topics:

Fraud survey results and findings

Why employees commit fraud

How to manage employee fraud

Important trends in employee fraud

Types of employee fraud 

Recommendations for FIs and solution providers


Why it matters?

43% of FIs have seen an increase in employee fraud losses compared to two years ago. 

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The survey data

Aite Group conducted an online survey of 23 U.S. FIs in September and October 2019 to better understand the current environment for fraud trends, the policies and procedures FIs have in place, and planned technology investments. Given the size and structure of the research sample, the data provide a directional indication of conditions in the market.

The majority of respondents to the survey work in banks (65%) or credit unions (26%). The remaining 9% work in investment/bank/retirement fund companies or life insurance firms.


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