SIGNS YOUR EMPLOYEES ARE STEALING FROM YOU

While we all agree that technology offers a lot of advantages, it also creates new problems that you need to know about as a business owner. Employee technology fraud is one such issue that can seriously harm your business' finances and reputation. To identify and stop fraudulent activities, it is essential for you to be aware of the warning signs.

What Is Employee Tech Fraud?

Employee tech fraud is any dishonest or fraudulent behavior carried out by an employee using technology like computers, smartphones, or business software. This may take the form of unauthorized access to confidential company information, adjustments in employee conduct, increased costs for IT or equipment, or a lack of transparency in the use of technology.?

An example of employee tech fraud could be an employee using company-issued technology to sell confidential information to competitors or to embezzle funds from the company. In this article, we will explore some signs of employee tech fraud and what you can do about it.

1. Unauthorized Access To Confidential Information

Unauthorized access is one of the biggest threats to a company's data and systems because it can lead to disastrous security breaches. Systems may be susceptible to hacking attempts if their authentication procedures are out-of-date or have weak passwords. Additionally, staff members with privileged system access who are not properly supervised may unintentionally assist in such breaches by providing access to outside attackers.

2. Changes In Employee Behavior?

It is important for you to keep an eye out for any unusual behavior that a worker may display as a security analyst or auditor. This conduct might involve making changes outside the purview of their employment or accessing files and systems to which they shouldn't have access. Employees who engage in this sort of behavior might be trying to hide fraud. Increased secrecy, rule-breaking, and decreased productivity can also be signs of possible employee tech fraud.

3. Excessive Spending

When detecting fraudulent activity, budget discrepancies are often one of the first things to look out for. Unauthorized expenditures and unexplained repairs could be signs of dishonest behavior on the part of employees who stand to gain financially from them. Excessive upgrades and inflated invoices could also be red flags of employee financial misconduct.

4. Lack Of Transparency In Technology Usage

There must be clear and open communication channels between management and employees regarding the use of company technology. Poor documentation policies may contribute to a lack of transparency in technology usage, making fraudulent activities more likely to go undetected. Inconsistent policies, inadequate training, and lax monitoring practices are all potential contributors to employee tech fraud.

What You Can Do About This

You can take proactive steps to prevent or mitigate losses caused by employee tech fraud by understanding these warning signs. Carrying out audits on a regular basis, implementing employee training programs on best practices for maintaining secure network environments, and monitoring for suspicious activity can all help you protect your business from potential threats.??

Putting in place a secure enterprise resource planning (ERP) system is another major step that you can take to stop employee technology fraud. You can manage your finances, administration, and core business processes with the aid of a secure ERP system while reducing the risk of fraud.?

An ERP (Enterprise Resource Planning) system is software that integrates and streamlines core business processes, allowing various departments to share data, automate tasks, and collaborate effectively. It improves efficiency and accuracy, reduces errors and costs, and generates reports to help businesses make profitable decisions.?

You can use Stride ERP to manage access controls, monitor user activity, and generate audit trails that can be used to identify and investigate suspicious behavior. Additionally, Stride ERP can prevent budget discrepancies by giving only authorized personnel access to financial reports and automating the approval process for purchases and expenses.

Click on this link to Book An Appointment with our specialists to discuss ways Stride ERP protects and transforms your business. If you need valuable content on current business-technology trends and tips on how to grow your business, click the links on any of our social media channels (Facebook,?LinkedIn,?Instagram,?Twitter, and?YouTube).

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