Guard Against Fraud in Your Organization

Guard Against Fraud in Your Organization

Is your organization susceptible to fraud? ABSOLUTELY!!

Here are two examples of behavioral red flags demonstrated by convicted fraudsters…

• Do you have an accounting employee who refuses to take vacations?

• Have you noticed an employee living beyond his/her means? Driving a new Mercedes? Taking great vacations? That could be on your organization’s dime!

Is your organization doing its part to prevent fraud?

• Have you ever said, “Joe has been with me since I started my business. He is like family and would never steal from me. I trust him completely”?? Unfortunately, Joe fits the profile of a fraudster and your organization may not have the internal controls to prevent and protect Joe from embezzling.

• Do you, as the owner or Executive Director, review the bank transactions?

• Does your organization have an avenue for employees, vendors, and customers to report tips of malfeasance?

• Are duties within your organization segregated to prevent one employee from having full access to and custody of cash?

What are the costs of fraud to your business or organization?

Fraud costs organizations of all sizes an average of $150,000 per occurrence. There are also indirect costs that can be incurred as a result of the fraud.

• Fewer pay increases

• Increased layoffs

• Greater pressure to increase sales and revenue

• Decreases in employee benefits

• Low employee morale

• Negative publicity

Protect your business, employees and yourself from fraud. Contact Brandon Noel Harris, Certified Fraud Examiner with NextGen CFO at 336.587.8607 or www.fraudbroad.biz. Brandon is also available to present to your business, civic group, non-profit organization or other community organization to spread fraud awareness and explain how and why it happens.