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Embezzlement Case Study: Bank Controls Failure by sebastian is a document available to read on EtoBox.
The head teller at a New York bank embezzled $1.5 million over 3 years by exploiting an error correction routine in the computer system. He used the routine to cover for the many errors of new trainees he was responsible for training, and eventually made 50 corrections per day to support a $30,000 gambling addiction. Several prescribed controls like daily reviews of transactions and exception reports to managers proved ineffective as the unusual volume of corrections did not raise alarms and reports were ig
- Author
- sebastian
- Language
- EN