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CLICO’s poor database leads to frauds – former employee

Feb 06, 2009 News

Over the years, the Colonial Life and General Insurance Company (CLICO) has been the centre for many frauds uncovered in the company.
In this aspect, a former employee of the company who was recently fired as a result of another fraud told this newspaper that the company has a very weak system and that is the main reason why so many frauds occur in the institution.
The former employee who prefers to remain anonymous said that since 1996 when the $7.3 million fraud was uncovered, the management made no effort to ‘tighten its screws’ as it relates to implementing proper security measures to prevent any other frauds.
She explained that the staff at the company would recognise the weaknesses in the system and would utilise it to the best of their abilities. She added that the management needs to act decisively and ‘clean up’ the database so as to make the system strong in an effort to prevent so many frauds within the company.
This former employee was fired last November along with 21 others, following the discovery of a $900,000 fraud within the financial institution.
“The management’s inability to deal with this situation speaks volumes,” the former employee said.

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