6 Simple ways to prevent fraud

Nov 30, 2016

Industry News

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fraud prevention

 

Besides having a Fraud Prevention Strategy in place, there are also 6 simple ways which every business can implement to prevent fraud from taking place.

* Know Your Employees: Fraud perpetrators often display behavioural traits that can indicate the intention to commit fraud.

* Make employees aware of potential fraud types and set up a reporting system: Since many employees are hesitant to report incidents to their employers, consider setting up an anonymous reporting system.

* Implement Internal Controls: If you do not have an internal control process or fraud prevention program in place, then you should hire a professional with experience in this area.

* Monitor Employee Vacation Balances: It is also a good idea to rotate employees to various jobs within a company. This may also reveal fraudulent activity as it allows a second employee to review the activities of the first.

* Hire Experts: Certified Fraud Examiners (CFE), Certified Public Accountants (CPA) and CPAs who are Certified in Financial Forensics (CFF) can help you in establishing antifraud policies and procedures.

* Live the Corporate Culture: Business owners and senior management should lead by example and hold every employee accountable for their actions, regardless of position.

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