This year, as of January 31st, it was reported that $34 million has already been lost to fraud—just here in Canada! Given this staggering statistic (and that it also happens to be Fraud Prevention Month), I want to share some ways that small businesses can set themselves up to minimize the risk of fraud in their organizations. Anyone can be affected by fraud, so listen in to hear what you need to be aware of on both a personal and professional level.
I’ll share a few instances of fraud, including examples of how people may catch a weakness in the system and see what they can get away with. Through the right policies, hiring, checks and follow-up, most of the common fraud issues can be avoided, so make sure you don’t miss hearing what you can do to prevent it or catch it.
What You’ll Learn In Today’s Episode:
- Who is affected by fraud.
- How good policies and procedures can massively decrease the risk of fraud.
- Why your hiring practices are a key part of avoiding fraud.
- What segregation of duties is and why it’s so effective.
- How to use authorization limits help deter large-scale fraud.
- Other important deterrents you can use to regularly sniff out fraud.
- The unexpected nature of “well-intentioned” fraud and the importance of covering your bases to prevent it.
Ideas Worth Sharing:
“More often than not, someone sees a weakness in a process and exploits that weakness.” - Sandra D'Souza Click To Tweet “A strong internal control environment with random checks and reviews should help to deter most employee fraud.” - Sandra D'Souza Click To Tweet “Surprisingly, sometimes fraud is committed with the best intentions. Fraud, even with the best intentions, is still wrong.” - Sandra D'Souza Click To TweetWhat Was Mentioned:
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