Who: Catering Company with $8M turnover and 25 staff
What Happened: The company noticed insufficient funds to pay creditors and after engagement of an expert accountant, identified duplicate payments and account anomalies. After dual authorisation was obtained to pay suppliers, an employee changed the account details to her own. Further investigation revealed the employee had a history of fraud and that no background or police checks were conducted prior to her employment.
Outcome: DUAL engaged a fraud investigator to quantify the loss and establish how it occurred. DUAL reimbursed the $500,000 loss to the Insured, plus fraud investigators costs of $30,000.