FAXNEWZ Handout # 7026

Chicago Sun-Times

August 17, 1998

"Some Workers find their job
  is a Real Steal"

U.S. companies are being bilked out of hundreds of millions of dollars per year.

Here are some points to ponder:

• 80% of 600 fraud experts polled said that employee fraud was
  worse than it was five years ago.

• About one third of business failures are blamed on corporate theft.

• Part time workers in service businesses have access to cash and
  and credit card numbers, and on average steal 33% more than
  full time employees.

• Some companies tell new hires that if they are caught in a fraudulent
  act that they will be prosecuted.  However, 84% of companies that
  catch employees decline to pursue civil action to recover the loss.

• A 1997 national retail security survey found that employee theft
  accounts for 38.4% of "shrinkage" from October to December.

• EMPLOYERS COULD PREVENT MUCH OF THEIR INTERNAL
  THEFT BY TAKING MORE TIME TO SCREEN EMPLOYEES.

• A 1996 study found that consumer prices are increased by 6% to
  make up for losses from insider fraud.