BOSTON — A new survey of financial firms finds internal fraud is a significant problem.

Forty-three percent of financial firms surveyed by Aite Group said that at least 5% of their total fraud losses come from internal fraud, costing them hundreds of millions of dollars collectively. Fourteen percent said they suffered at least 10% of fraud through internal fraud. On average, institutions in the Aite Group survey said internal fraud prompted 4% of their fraud losses.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.