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5 Fraud Tips Every Business Leader Should Act On
| Posted on November 11, 2016 at 7:40 PM |
Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, according to the ACFE's 2016 Report to the Nations on Occupational Fraud and Abuse. A single instance of fraud can be devastating: the median loss per fraud case was $145,000, and more than a fifth of the cases involved losses of at least $1 million.
The good news? There are some basic steps your organization can take immediately to lessen your vulnerability to fraud:
1. Be Proactive - Adopt a code of ethics for management and employees and evaluate your internal controls for effectiveness.
2. Establish Hiring Procedures - When hiring staff, conduct thorough background investigations.
3. Train Employees in Fraud Prevention - Do workers know the warning signs of fraud?
4. Implement a Fraud Hotline - Fraud is most likely to be detected by a tip.
5. Increase the Perception of Detection - Communicate regularly to staff about anti-fraud policies, ways to report suspicions of misconduct, and
the potential consequences (including termination and prosecution) of fraudulent behavior.
Implementing these tips could help prevent your organization from becoming a statistic. Take action today.
**Article from FraudWeek.com**
Categories: Fraud Awareness
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