Embezzlement is a serious form of financial fraud based on trust and access. Unlike traditional, well-known theft, which involves taking somebody’s property or assets, embezzlement occurs when someone trusted with the assets, property, or other possessions steals them for personal gain. Embezzlement often happens in a professional environment, such as in businesses, non-profit or non-government organizations (NGOs).
The assets could vary from money and intellectual property to sensitive information or data, so, for example, if a company gives you their laptop for you to work with and you decide to steal it – it is embezzlement. The embezzlement is complicated – individuals often falsify documents or manipulate digital records, like altering computer system entries to hide unauthorized transactions or creating fake accounts to make transactions, making it harder to detect illegal activity.
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