September 9th, 2003 05:33 PM
The problem is this: fraud is uncovered everyday. From ID theft to Check Fraud to complex ATM schemes, it happening everyday. If you work inside the business you know that companies are reluctant to say, sorry all you depositers. We can't do our job and your funds are not safe because someone just kited 300,000 from the bank/company. It's tough to get any concrete evidence but I can tell you it's still going on today, and sometimes by a business itself to get more money by compounding interest wrong. On Purpose! It's not urban legend and it's not just banks, insurance companies, securities, foreign investment schemes and even sports teams run into it.
Fraud is almost always discovered by accident. In fact in my own experience almost all internal fraud is discovered, guess when... when people go on vacations!
Do a goodle on "Salami Slicing"
West of House
You are standing in an open field west of a white house, with a boarded front door.
There is a small mailbox here.