Former Microsoft developer stole more than 10 billion Dollars


Former Microsoft developer stole more than 10 billion Dollars

Occupational fraud or abuse of position can occur in large and small companies. And the software giant Microsoft is no exception. A former Microsoft software developer was found guilty of stealing a $ 10 billion digital currency from the company.

The US Office stated through a press release that Volodymyr Kvashuk, who worked for Microsoft from August 2016 to June 2018, was found guilty on Tuesday (25/02) by the Seattle District Court after five days of trial.

According to Business Insider (26/02), during his work, Kvashuk was once assigned to test Microsoft’s online retail platform. He misused his access to the platform to steal gift cards which he then resold on the internet. He then used the proceeds of the sale to buy a $ 160,000 Tesla vehicle and a 1.6 million Dollar lakefront house.

Luckily Microsoft’s internal control worked so well that it detected the theft after seven months. As Kvashuk not only stole from Microsoft but also from the US government, the case was handled by the IRS-CI.

A lesson to take from this fraud case is that internal control is important to minimize the chance of fraud and threats from within the company and minimize losses.

One form of internal control in terms of human resource management is employee monitoring through post-hire screening or continuous background screening.

Post-hire screening is just as important as pre-employment screening. Post-hire screening is useful as an evaluation tool to ensure that the company places its employees in the right positions. This screening is carried out on employees periodically to identify potential changes in their status of personal information, background, and lifestyle of employees. Post-hire screening is also carried out by companies in the context of evaluating promotions or in situations where an employee’s status changes, such as from outsourcing to direct hiring and direct hiring to permanent employees.

Integrity Indonesia, with up to more than fifteen years of experience in the field of compliance, provides comprehensive employment screening services for our clients. Our screening is carried out through Prisma, our proprietary screening platform that can be integrated with our client’s HR information systems. For more detailed information about how our screening works to help your company prevent and handle fraud, contact us today.


Also Read:

3 Scandalous Fraud Cases Involving Japanese Corporations

How Credit Check Guards Your Companies from Fraud Risks

A Cornerstone of Fraud Prevention Efforts in A company




Photo by Tadas Sar on Unsplash

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