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Lost Billions
There has long been a discussion on exactly how much financial institutions lose to fraud and theft. Most security experts agree with the estimate of between $10 billion and $12 billion per year for the financial industry, even though reported losses to federal agencies are much lower.
The National Retail Security Survey has no such vacillation. They just reported that in 1995 retailers lost $27 billion, approximately 2% of their total annual sales, to a combination of customer theft (including bad checks), employee theft, administrator error and vendor fraud.
Copyright © 1997 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 7, No. 8, 7/97
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