I remember hearing a story about how a computer programmer at a bank wrote a program to deposit fractional interest in his account. I often thought about how ingenious this was, as the differences were so small, nobody would notice. These small amount schemes can be very costly over the long haul because they are hard to detect and can continue for many years. These schemes also highlight the danger of the materiality concept.
How many times have you heard the phrase “its not material” or “that’s below the threshold”? Well, thieves know this as well. The story below is but the most recent example I have found of stealing a little from many.Click here: