Layoffs Create a Vacuum for Fraud

#1

Post by oliverjudge » Mon, Jul 18, 2022, 8:58 AM UTC

Layoffs Create a Vacuum for Fraud
thewiretap.io

Re: Layoffs Create a Vacuum for Fraud

#2

Post by ttyprintk » Mon, Jul 18, 2022, 10:08 AM UTC

Amazing to me that 5,000 Wells Fargo salesmen created millions of accounts and the total fines to the company added up to $53-$88 per account. I imagine the fees Wells Fargo would have made were close to that.

Re: Layoffs Create a Vacuum for Fraud

#3

Post by xnorswap » Mon, Jul 18, 2022, 10:32 AM UTC

The article seems to contradict itself.

It asserts that in boom times the bottom lines are checked less rigorously because money is flowing freely but then also asserts that it's the bad times that has greater fraud risk because of individual incentives.

Neither position felt well enough sourced or argued to convince me which is the case, whether fraud is a greater risk in a boom or bust part of a business cycle.

Re: Layoffs Create a Vacuum for Fraud

#4

Post by peteradio » Mon, Jul 18, 2022, 10:40 AM UTC

xnorswap wrote: post #3

The article seems to contradict itself. It asserts that in boom times the bottom lines are checked less rigorously because money is flowing freely but then also asserts that it's the bad times that has greater fraud risk because of individual incentives. Neither position felt well enough sourced or argued to convince me which is the case, whether fraud is a greater risk in a boom or bust part of a business cycle.

I think the idea is an insider can figure out the internal workings while on the job and the flows are obvious and apparently unmonitored. Upon layoff they will then execute the plan not caring so much that the score will close the loophole when its caught.