Cases study: ‘Double agent’ dishonesty costs employer S$300k. Howden gets it back.
A determined portfolio fraudster working in sales for a logistics company caused his employer to lose hundreds of thousands of dollars by quoting prices to preferred agents that were lower than approved rates. He then forged the approval paper trail to tally – and all as part of a much wider scam.
The fraudster slipped up when an email containing his unapproved rates fell into the hands of a senior manager, who promptly launched an investigation.
From a deep dive into his paperwork, a series of forged documents revealed insurable losses of S$300,000. The authorities were alerted.
Due to late notification of the loss to Insurers, policy conditions had been breached. The client’s ability to claim under the policy was in jeopardy.
Howden quickly stepped in to determine the cause of the late notification and advocated vigorously on the client’s behalf. Insurers accepted Howden’s representations.
As employee dishonesty or fraud is a key tenet of a Crime policy, Howden were able to quickly secure indemnity for the client, and payment was prompt.