The Cost of Trust: Preventing Employee Fraud in Today’s Modern Payment Landscape
By Michael J. Whitlock, Executive Vice President - Bail Division Ben Franklin once said, “Trickery and treachery are the practices of fools that have not wits enough to be honest.” When I was working in a bond office back in the day, specifically in 1982, bail transactions were paid with cash or personal checks. In most cases, bonds were paid upfront and in full. These days, however, customers tend to pay with credit cards, cash apps, or occasionally cash, and in many cases, payment terms are extended. Recently, one of our agents relayed a concerning story. An employee had been stealing customer payments over an extended period, amounting to many thousands of dollars. This employee was trusted and relied upon to manage many responsibilities in the office, including payment collections. Suspecting…