If you weren't able to attend our 2018 Business Breakfast Series session on fraud prevention, read below for some tips to avoiding fraudulent situations. Whether you’re a small business owner or part of a larger corporation, fraud is a serious concern to be aware of and to assess and minimize in the workplace. While we can’t eliminate all fraudulent activity, we’re proud to provide you with the latest information and tactics to mitigate it. Together, we can build a safer workplace for everyone.
The most common types of fraud are internal and external embezzlement. This can occur through cash mismanagement, fake invoices, or altering customer data. But, through strategic monitoring and maintaining proper internal controls, there is a reduced chance of fraud occurring. No employee should oversee multiple steps in the process and managers should pay attention to quantity and quality. Also, conducting a fraud risk assessment is essential to an effective process. Once this is in place, continually adapt and simplify internal controls based on feedback and results.
Best practices to help prevent fraud include:
Here are also a few basic do's and don’ts for online security:
Do:
Don't: