At the onset of the pandemic nine months ago, no one believed we would still be here at the end of 2020. With the second surge of cases now spiking and economic pressures mounting on people and businesses, business owners should anticipate a potential increase in employee embezzlement. It is a preventable, but all-too-common, occurrence in times of financial stress.

Financial Stress Resulting From COVID

The pandemic has had a major impact on the U.S. economy and its workforce. In response, businesses are tightening their financial belts by reducing employee compensation and overall staffing levels. Between April and September, the U.S. unemployment rate ranged from a low of 7.9% to a high of 14.7%, according to the U.S. Bureau of Labor Statistics. These layoffs have occurred across the board, from multibillion dollar companies such as Walt Disney, Boeing and ExxonMobil, to smaller businesses including professional services firms and many mom and pop shops. This crisis has triggered tremendous financial stress on a large portion of the population.

COVID and the Fraud Triangle

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]