Employee embezzlement is one of the most common fraud schemes plaguing small businesses who have turned their financial management over to a trusted employee without sufficient oversight. A small business owner’s primary concern is providing products or services, not bookkeeping. Usually, the owner turns over financial management to a trusted individual; resulting in a perfect storm opportunity for fraud.
The first 48 hours determine the path and outcome of an investigation. Before the suspect is aware that his or her scheme has been detected, Workman Forensics’ experts will gather primary evidence, interview key witnesses, and perform covert investigative measures to build a solid foundation to your case. When Workman Forensics’ professionals are brought onboard in the first 48 hours, the most effective recovery occurs.
Ways to Prevent Fraud in Your Business
A third-party fraud reporting hotline is the number one way to prevent fraud and reduce the life of an embezzlement scheme.
Another proactive measure in preventing fraud in your business is through regular financial data analysis. Financial data analysis will identify irregularities for further analysis and review—uncovering a fraud scheme if one exists.
Click here to contact us and download a free tool to test for payroll anomalies.