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Preventing Occupational Fraud

* If you run a small business, chances are you have a few employees that are in charge of several different areas of the organization. Split up the duties among a larger pool of employees to decrease the likelihood of fraud.

* Perform a pre-employment screening on all potential employees. A resume might not tell the entire story about a prospective employee’s past.

* According to ACFE’s study, more than 80 percent of the frauds in the report came from employees in one of six departments: accounting, operations, sales, executive/upper management, customer service or purchasing. Recognize these high-risk departments as potential sources of fraud and implement the proper policies to prevent it.

* Don’t get complacent. Any employee can commit fraud at any time. While most fraud is committed for monetary gain, that doesn’t mean an employee won’t commit fraud if the opportunity is there.

* Conduct random audits. Work with a CPA to set up and maintain effective internal financial controls to ensure you’re not losing money as a result of fraud.

Dejean, Reggie. “How To Identify and Protect Against Occupational Fraud.” Lawley Insurance, 19 Nov. 2015, www.lawleyinsurance.com/business-insurance/how-to-identify-and-protect-against-occupational-fraud/

Preventing Occupational Fraud

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