When considering whether there is a direct link between a slowing economic environment and an increase of fraud, one must consider the underlying motivations of why people commit fraud.
It's not only large faceless corporations that experience theft and fraud - every business can. In fact, small businesses are possibly more vulnerable because there are usually no checks or protective systems in place. Prevention doesn't have to be complicated, expensive or time consuming - it just requires some thought and pro-active attention to your business.
There are many costs to a business when thinking about the consequences of fraud. Many of these have the potential to be avoided by planning how you will deal with fraud, considering the consequences to your business and, ultimately, its effect on your business' reputation.
Every business employing staff and selling either a product or service can be a victim of employee theft. This article will give you the insight into why it happens and how you can minimise it.
Many companies spend thousands of dollars each year on the protection and security of their physical property but don't take steps to protect their most valuable asset - their confidential business and technical information.
Criminal activity on the Internet has changed. No longer are Internet crimes being undertaken by bored university students looking for notoriety. Today, money and organized crime is increasingly behind computer security problems that we all face.
Fraud committed by employees on their employers has been increasingly in the news. And not only fraud by ordinary employees. It is also very common for fraud to be committed by one business partner or director on fellow partners or directors.
Although the monetary losses that result from fraud are usually tax deductible, provided there is a connection with a business or income-producing activity and the money has been included in assessable income, there are exceptions.
Research by the Association of Certified Fraud Examiners has shown that on average an organisation loses 6% of its annual revenue to fraud - for a business with less than 100 employees this equates on average to $98,000.
If your business offers staff 'perks', either official or unofficial, you have the potential for your employees to overstep the mark and commit workplace fraud.
How To Leverage Strategic Selfishness To Accomplish More
7 Helpful Steps To Avoid Burnout In Your Team
Copyright © 2023
International Institute of Directors and Managers
ABN 26 112 140 299.
All rights reserved.