WTF?
do they have no procedures or auditing?
$5.7 M warranty fraud.
then their staff dipping into customer accounts for a year.
IT finance provider Syscap account manager Leigh Jones has been sentenced to 24 months in jail after pleading guilty to nicking more than £100,000 from customers. Jailbird Jones, 40, found that his six-figure earnings weren't enough to fund his spiralling gambling habit. A clerk at Chester Crown Court confirmed to us that …
If this guy hadn't taken a break, I wonder how long it would have taken CISCO to cotton on to this leak?
If you Google: "cisco money theft" you'll see CISCO has numerous activities involving fraud.
A CISCO report cited by PC World included the line: "However, many banks are not sophisticated enough to do this, and the money is lost."
I guess CISCO'S "sophistication" is somewhat lacking, too.
What I don't understand is firstly, why was the person tasked with collecting direct debits from customers allowed to make payments out of the bank account. Secondly, the only payments going out of the collections account should be to the main current account, and that should be managed by the payables department, not the receivables department.