Julie McNelley says internal fraud damages an institution’s reputation and is getting more prevalent. Organized crime has figured out how easy it is to “plant” employees who are willing to steal internal information. “Banks and credit unions need to invest more in detection technology,” she says. Financial institutions build their brands on trust, so the banks don’t want to appear in the headlines every other week with some report of an employee that has perpetrated fraud against them or against their customers. The industry has adopted mechanisms to deal with this, but there are upwards of 9,000 financial institutions in the country.”]
Source: https://www.cuinfosecurity.com/internal-fraud-dollar-losses-a-3296