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It's understandable that employee theft comes most often from financial services firms, at 21 percent of federal employee embezzlement cases, but the highest loss on a case-by-case basis actually comes from the retail industry.

It's understandable that employee theft comes most often from financial services firms, at 21 percent of federal employee embezzlement cases, but the highest loss on a case-by-case basis actually comes from the retail industry. Although only 5 percent of all embezzlement cases in Hiscox's survey were from the retail industry, the median loss for the cases totaled $606,012, more than double the median for all other industries except healthcare.

Federal employee embezzlement cases by industry (median loss/percent of sample)

Retail $606,012 5% Healthcare $446,000 7% Real Estate/Construction $300,000 13% Municipalities $293,717 10% Financial Services $271,000 21% Professional Services $234,641 5% Non-Profit $202,775 11% Other $174,473 6% Labor Unions $41,599 9%

Source: Hiscox

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Title Annotation:LABOR & EMPLOYMENT
Publication:InsideCounsel
Date:Jul 1, 2015
Words:124
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