Is Workplace Fraud Harming Your Business?

Workplace fraud (or occupational fraud) can reduce your company’s profits as well as damage your reputation and undermine investor confidence. For these reasons, it is important to identify the cause of fraud before it creates issues.

If you suspect that there is occupational fraud present in your business, it is always a good idea to ask for help. We can work with you to find out where your money is going, and who is accountable.

Median financial loss per case of fraud

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Percent of business bankruptcies caused by employee theft

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Percent of people who have stolen at least once from their employer

Years

Is the average amount of time fraud goes undetected without professional help.

Why do Employees Commit Fraud?

Financial Pressure

When an employee is struggling financially, they may be more inclined to take what isn’t theirs. 

Even if an employee is only taking amounts that “aren’t big enough to matter”, this money can accumulate over time and leave a hold in your company’s earnings.

Opportunity

Workers who are given the opportunity to make a little extra money without getting caught are more likely to commit fraud.

If you notice a loss in profits, have a think about who has access to your money and who is left unattended the most. 

Rationalisation

Employees may try to justify the fraud they are committing. For example, an employee may think that because they do so much for the company, it is okay to take extra money. 

Types of Occupational Fraud

Below are some of the most common forms of occupational fraud.

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Inventory Theft

This is when an employee steals a product that your company sells. Especially common in retail environments.

 

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Accounts Fraud

This is when an employee manipulates a company’s accounts to cover up theft of funds.
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Vendor Fraud

An employee may tamper with invoices or inventory pricing in a way that they receive an illegal personal gain.

 

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Theft of Cash

This happens when employees have access to a cash register or other location where money is physically stored.
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Payroll Fraud

This is when an employee tampers with the payroll system so that they receive more money.
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Misuse of Company Assets

This happens when an employers abuses the use of company assets for their own personal gain (eg. company cars, credit cards or fuel cards).

How can we help?

As certified fraud investigators, we possess the knowledge and experience required to track down the source of occupational and workplace fraud.

Since every workplace is different, your case will require a unique approach. When you make contact with us, we will arrange a meeting where we can learn about your business and develop a strategy to locate employer fraud.