Preventing Fraud In The Workplace

Preventing fraud in the workplace

1 in 5 small businesses have been defrauded by an employee during the lifetime of the business. All employees have the potential to commit fraud, no matter what job role they’re in. Those in senior roles have more responsibility, so can get away with committing fraud for longer. Read our tips for how you can prevent fraud in your workplace.

Background checks

Implementing a procedure to check prospective employee’s employment history will reduce the risk of fraud taking place in your business. A thorough check should be done on all employees, especially for those working in financial roles.

Look for warning signs

Is there anyone in your business who is always first to get to the office and last to leave? This could indicate something suspicious going on. They might rarely take annual leave, and when they do, they don’t want anyone to cover their work. You should insist they stick to their agreed hours and use all of their annual leave. If they refuse, you should check their work and computer history to find out what’s going on.

Listen to your employees

Most employees will have the interests of the business at heart, they will want to protect your business, so may report any suspicious activity seen taking place in the business. Many businesses receive anonymous tip-offs about fraudulent activity in their office. This could be critical information when it comes to protecting your business. An anonymous report system where they can state their suspicions should be encouraged. You will need to make sure everyone is aware that these reports will be taken seriously. Make sure you investigate every report, no matter how small.

Educate your employees

In your business you implement a fraud awareness programme to ensure your employees know how to spot different types of fraud in business and where they can report  suspicions. Make sure you know the signs and put measures in place to prevent fraud occurring in your business.

Have a policy

If you have a policy which states where your employees stand in relation to fraud, they will know what is expected of them. This will also indicate who they should contact if they suspect anyone is acting suspicious in the company.

Implement Fraud Prevention Systems

Implementing systems such as monitoring incoming and outgoing emails and web activity are an effective way of preventing fraud in the workplace. We have implemented these systems recently in two London banks. They have been extremely successful, in fact so successful that two potential fraudulent incidents were uncovered. 

More extreme measures can also be taken to prevent employee espionage such as conducting a ‘sweep’ of boardrooms or meetings room and jamming the radio signals in important areas of your office. We will check for unusual radio transmissions, telephone taps, modifications to office equipment, as well as assessing the risks of espionage in all locations within your offices.

Want To Know More?

Please call Steve for a confidential discussion on +44 (20) 7666 3482 or email [email protected].