Online Safety Community

It is Important for Organizations to be Serious about Employee Fraud Detection and Prevention


Employee fraud detection is one of the most insidious things that can happen to an organization. This is because in most cases, it is not about someone walking in with a gun in hand and decamping with the loot, as happens in the case of a bank robbery. To give an allegory, a bank robbery is like an accident that is identifiable and is witnessed by many people. It is quite physical in nature, whereas an employee fraud is a bit like cancer. It grows within the body without giving the slightest hint of its presence. In most cases, its detection is a little late in the day.

How do organizations deal with Employee Fraud and Detection?
To stretch the allegory stated above a little further, without meaning the slightest offense to those suffering from this disease or organizations that are a victim of employee fraud and detection; it can be stated that while in the case of early cancer detection luck plays a major role; the same need not be said about employee fraud and detection. Organizations can be on their guard when it comes to employee fraud and detection.

Employee Behavior opens the door for fraud detection and prevention
Management needs to keep its eyes and ears open towards all employees. The employee committing the fraud does not wear his or her personality on the sleeve. Such an employee does not go about brandishing his or her attitude or announce an intention to fraud the company. Frauds can happen from within from highly trusted employees, or they can happen to be people who have access to sensitive financial or business information.

This is not to imply that every employee has to be suspected, but any business has to be open to the probability of someone from within committing a fraud. Employee fraud detection and prevention begins with business leaders keeping an eye on unusual, unexplained changes in the financial stature or appearance of an employee.

Implementing processes can help
Putting processes in place goes a long way in helping achieve Employee Fraud Detection and Prevention. When a financial bill has to be passed, it has to be made to go through various levels and layers before approval. This puts a lid or cap on the possibility of any one person assailing a tight system and exploiting its loopholes. Although most frauds have been committed with teams colluding with each other; management can put in place a tight process aimed at employee fraud detection and prevention.

Read more :  https://www.trainhr.com/control/employee-fraud-detection-and-preven...

Views: 35

Comment

You need to be a member of Online Safety Community to add comments!

Join Online Safety Community

Take our poll!

Take our poll!

Forum

Workplace safety for workers other than your own 3 Replies

Do your workplace/traffic safety plans include safety measures for workers who are not your own employees? Do they take into account the safety of those who will be - or could be - at your workplace,…Continue

Tags: emt, paramedics, emergency, occupational, health

Started by John Petropoulos Memorial Fund. Last reply by Paul Lancaster May 28.

Imagine a technology which is an artificial muscle and is integrated into textiles...

Such a smart textile has huge application potential and can support people in many different ways. The garment would use haptic feedback (i.e. the use of touch to guide the user) or could serve as a…Continue

Started by Ulla Siegel May 28.

Green Smart Technical 800+ Turnkey Projects in UAE – Rope Access Company in Dubai

Green smart is an ISO 9001: 2015 QMS, OHSAS 18001: 2017 OHSMS, ISO 14001: …Continue

Tags: window, cleaning, services, facade, companies

Started by Manikandan Apr 23.

What % of Dollars should be bugeted for All Safety Training for a "Heavy Equipment Road Construction" company with 100 employees? 1 Reply

I have been at a Highway and Road Construction company for six months. I am developing a (first) complete training program. I am the 1st full time safety hire for this company. I need to develop a…Continue

Started by JTurpening. Last reply by Jen McDade Feb 19.

Technology and Safety 1 Reply

What are the most useful tools to have at your fingertips? -Toolbox Talks-JSA-JHA-Daily Reports, etc. What is falling through the cracks that could be an easy fix? Safety Managers, Coordinators and…Continue

Tags: safety

Started by Drew stone. Last reply by Jen McDade Feb 15.

Badge

Loading…

© 2019   Created by Safety Community.   Powered by

Badges  |  Report an Issue  |  Terms of Service