Case 1: Singapore employee steals over $5.7 million from company in elaborate scheme
A logistics manager who worked for a Singapore electronics firm stole 25,501 iPhones from her employer. From 2016 to 2017, the manager colluded with another employee to steal iPhones from the company’s warehouse. The phones were sent to Malaysia to be sold. The total value of the stolen phones was a massive $5.7 million. The fraud was discovered when Apple conducted a surprise audit at the company. The electronics firm was forced to compensate Apple $5.7 million for the lost phones. Unfortunately, the company was not able to recoup this amount from the employee who perpetrated the theft.
If the company had Fidelity Guarantee Insurance, the insurance company would have compensated the company for their loss.
Case 2: Account executive steals $106,390 from employer
An account executive masterminded an elaborate fraud against her employer, stealing $106,390. The fraud was carried out from 2014 to 2016. The executive was responsible for preparing company cheques, audits, and other financial matters. The executive abused her powers to forge 30 cheques. After the company director signed off on the cheques, the executive would use correction tape to change the payee’s details to her own bank account. The executive also forged bank statements, which allowed her to avoid detection for almost 3 years. The fraud eventually came to light in 2017, when the company director sought financial statements directly from the company’s bank. It was then that the company director discovered discrepancies between the forged documents and the bank’s documents.
If the employer had Fidelity Guarantee Insurance, the policy would have paid the $106,390 that the executive had defrauded the company of.
Case 3: Cashier at NUS cafe steals $30,000 over 2 year period
A cashier at an NUS cafe stole $29,856 from the business, over a period of 2 years. The cashier went to great lengths to hide her crimes. The cashier would purposely avoid logging certain sales and would edit the sales logs to ensure that the daily balance would tally. The crime was only discovered when an observant colleague noticed the cashier performing suspicious actions on the POS (Point-of-Sale) system, and reported the cashier’s actions to the cafe owner.
If the cafe had a Fidelity Guarantee Insurance policy, the insurer would have compensated the company for the amount stolen.