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Six Strategies for Fraud Prevention in Your Business
Employee fraud is a significant problem faced by organizations of all types, sizes, locations and industries. While we would all like to believe our employees are loyal and working for the benefit of...
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Five Key Steps to a Business Succession Plan
Most business owners fail to understand that, just as there is a human life cycle, there is also a business life cycle. It begins with the conceptual or idea stage, which progresses to the start-up...
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Fraud Prevention Strategy Series
Employee fraud is a significant problem faced by organizations of all types, sizes, locations and industries. According to the ACFE, the typical organization loses 5% of its annual revenue each year...
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Fraud Prevention Strategy Series - Know Your Employees
One of the easiest ways to help prevent fraud in your organization is to know your employees. Fraud perpetrators often display behavioral traits that can indicate the intention to commit fraud....
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Fraud Prevention Strategy Series - Setup a Reporting System
Another strategy to help prevent fraud is to make employees aware and to setup a reporting system! Everyone within the organization should be aware of the fraud risk policy including types of fraud...
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Fraud Prevention Strategy Series - Implement Internal Controls
Another great way to prevent fraud in your business is to implement internal controls. These are the plans, programs and procedures used to safeguard your company’s assets, ensure the integrity of its...
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Fraud Prevention Strategy Series - Monitor Vacation Balances
Another strategy to help prevent fraud is to monitor vacation balances. You might be impressed by the employees who haven’t missed a day of work in years. While we hope most are dedicated employees, it...
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Fraud Prevention Strategy Series - Hire Experts
Another strategy to help prevent fraud is to hire experts. Certified Fraud Examiners (CFE), Certified Public Accountants (CPA) and CPAs who are certified in financial forensics (CFF) can assist in...
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Fraud Prevention Strategy Series - Live the Corporate Culture
Another strategy to help prevent fraud is to live the corporate culture. A positive work environment can help prevent employee fraud and theft. There should be a clear organizational structure,...
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Fraud Prevention Strategy Series - Open Door Policy
Another strategy to help prevent fraud is to have an open door policy. It provides employees open lines of communication with management. Business owners and senior management should lead by example...
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Fraud Prevention Strategy Series - Do Your Research
Another strategy to help prevent fraud is to do your research before interviewing potential new employees. Below is a great checklist to use prior to making that hire:
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Fraud Prevention Strategy Series - Check Your Checks
Another strategy to help prevent fraud is to secure and closely monitor your checking, banking and investment accounts. You should keep these items under lock and key with restricted access for...
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Fraud Prevention Strategy Series - Know the Fraud Categories
Another strategy to help prevent fraud is to know the three different categories of fraud. 1. Misappropriation of assets is the most common (stealing or misusing an organization's resources)2....
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Fraud Prevention Strategy Series - Check Clearing Machine
A strategy to help prevent the theft of cash in your business is to consider using a check clearing machine in your office to deposit checks directly into your account. These devices can be purchased...
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Fraud Prevention Strategy Series - Fraudulent Disbursements
Here are some potential early warning signs that an employee may be stealing from your company by making fraudulent disbursements. These signs do not mean that theft is occurring, but should cause you...
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Fraud Prevention Strategy Series - Can You Name the Claim?
Another tip to prevent employee fraud is to keep an eye on claims submitted for fake or inflated travel or business expenses. This is another way an employee can misappropriate your company's assets....
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Fraud Prevention Strategy Series - Do You Have a Ghost Employee?
Another way an employee can misappropriate your company's assets is through payroll. An employee may overstate their hours worked or claim overtime for hours they never worked. In larger companies or...
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Fraud Prevention Strategy Series - Check Tampering
Another way an employee can misappropriate your company's assets is through check tampering. This occurs when an employee intercepts, forges or alters a company check. One of the most common check...
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Fraud Prevention Strategy Series - Employee Behavior
Employee behavior may be a red flag that fraudulent activities may be taking place in your company. Observing, listening and getting to know your employees can help you identify potential fraud risk....
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Fraud Prevention Strategy Series - Employees Living Beyond Their Means
Another potential red flag that fraudulent employee activities may be taking place in your company is to be on the lookout for employees who appear to be living beyond their means. Since you know the...
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