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Business Fraud Prevention

How the Risk of Detection Reduces Fraud

Do your employees feel like they’re being watched? If they don’t, they may be emboldened to steal. In the same way that putting more police officers on streets tends to reduce crime, making your company’s anti-fraud activities more visible can discourage fraud perpetrators. Good internal controls are critical to preventing fraud. But many companies have […]
Business Fraud Prevention

Let a Contingency Plan Steer You Through a Fraud Disaster

The first thing every Boy Scout or Girl Scout learns is to “be prepared.” Business owners would do well to remember this motto when they’re developing fraud control procedures. Even if you don’t believe your employees are capable of defrauding the company, it could happen. And if you have a fraud contingency plan in place, […]
Business Fraud Prevention

How Crooks Use Bankruptcy to Cheat Creditors

When a company goes bankrupt, honest owners or directors do everything they can to hold creditors’ losses to a minimum. When it becomes clear the business can’t be saved, they halt trading (in the case of public companies), hire professional advisors to help guide them through bankruptcy proceedings and generally arrange for orderly liquidation. Less […]
Business Fraud Prevention

Avoid Unhappy Returns

Every day, retailers across the country issue refunds to customers. The reasons range from a bad fit to the wrong color to a changed mind. The transactions are generally simple — the customers get money or a credit card refund and the store gets merchandise that it needs to resell. How the Cons Work Refund […]
Business Fraud Prevention

The Importance of Segregating Duties

Small and medium-sized companies are particularly prone to employee theft because they typically don’t have the staff available to assign more than one employee to processes to help ensure that fraud doesn’t take place. Assigning more than one employee to certain tasks, also known as segregating duties, is one of the primary tactics that companies […]
Business Fraud Prevention

Two Common Types of Financial Fraud That Can Hurt Your Business

Many financial frauds and deceptions fall into two basic categories: “If employees perceive their company’s fraud controls to be weak or if they think management is only giving lip-service to ethical behavior, fraud is inevitable.” — Association of Certified Fraud Examiners 1. Misstatements on company financial reports (balance sheets, income statements, and so forth). 2. […]
Business Fraud Prevention

Ten Steps to Help Thwart Employee Theft

There are many types of fraud committed against businesses — from workers’ compensation scams to complex corporate swindles — but one of the most common types is simply employee theft. This can occur when employees take money from a cash register, forge names or change amounts on company checks, engage in creative bookkeeping a number […]
Business Fraud Prevention

Six Red Flags of Financial Statement Fraud

Many incidents of fraud are discovered inadvertently. For example, a staff member may notice something that doesn’t seem right and mentions it to a manager. Upon investigation, internal theft is found. But considering the potential damage that fraud can inflict on a company, it is obviously better to do more than depend on mere chance.
Business Fraud Prevention

Help Prevent Invoice Fraud at Your Business

When a supervisor with Burlington Northern Santa Fe Railway stumbled upon a way to submit fraudulent invoices to his employer, he enlisted several others in the scheme. In the end, more than $2 million in bogus or inflated invoices (details of the case are in the right-hand box) were submitted. How the Fraud Worked     […]
Business Fraud Prevention

Tuition Reimbursement: How to Prevent Fraud

Investing in employee education and training is crucial to the long-term success of most companies. In order to remain competitive, many employers offer tuition reimbursement programs to attract and retain talented employees. The programs also provide tax benefits. The vast majority of employees that participate in tuition reimbursement programs do so in compliance with their […]