Image from page 92 of "Bell telephone magazine" (1922)
Title: Bell telephone magazine
Contributing Library: Prelinger Library
Digitizing Sponsor: Internet Archive
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Fraud is a costly drain on everybusiness. Only by an alertmanagement and a carefully plannedprevention program can it be keptunder control. Here are some basicrules for prevention that have provedsuccessful in the Bell System
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Donald F. MacEachem, Chief Accountant Comptrollers Department, A.T.&T. Co. ■ All businesses are faced with fraudon the part of some of their employ-ees, customers, suppliers and others out-side the business. The telephone businessis no exception. Fraud is a costly propo-sition. In many lines of business, dishon-esty may be adding as much as 15 percentto consumer prices. The FBI reports thatlosses from fraud are three times as greatas the combined losses from all the bur-glaries, robberies, car thefts and bankhold-ups in this country. Known lossesfrom bank embezzlement in 1962 ex-ceeded nine million dollars whereas bankhold-ups resulted in losses of about two-and-a-quarter million dollars. Certainly fraud is now big business.It is no longer restricted to kiting, forg-ing or simple cash manipulations. Itoften involves extremely sophisticatedfalsification of large volumes of recordswith the result that the records them-selves cannot be relied upon as a meansof uncovering fraud. The
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