Identifying 2 Key Signs of Employee Fraud
I discuss the F word in this video. Do you know what I'm talking about? Fraud, specifically fraud in the workplace. Unfortunately, for some of our clients, we've had to handle fraud matters over the years, where we've recovered or attempted to recover funds from employees who've run some sort of scam within the organization.
Remember, if you have any questions, contact me or any other team members at Millens. We are here to help you run a fraud-free business.
VIDEO TRANSCRIPT
Ross Millen:
Hi. I wanted to mention a topic we don't often discuss on these little videos, the F word. Yes. You know what I'm talking about? Fraud. Fraud in the workplace. And over the years, unfortunately, for some of our clients, we've had to handle fraud matters where we've recovered or attempted as much as we can to recover funds back from employees who've been running some sort of scam or scheme within the organization.
Now, what prompted me about this this week was I was reading in the paper about a woman who'd been convicted for doing just that with her employer, and certain things stuck out as being typical of what happens in this unfortunate situation. First of all, a highly trusted employee who had been allowed to manage, paying all the expenses without anyone checking. They were such a good employee, so organized, everything was done so smoothly that no one ever bothered to check whether, in fact, half a million dollars of those expenses were being paid, in fact, to herself. So over the years, she'd scammed five or $600,000 out of the company. So trusted employees.
The other thing was she was such a diligent employee, never took a holiday. And of course, people who are committing a fraud, they don't like to lose control, so they never take their holidays. They're always there at work, they're always in control. So it's a very good idea to make sure that your employees, particularly if they're handling money in your organization, always take their annual leave and that there's always a second person checking, or there is some sort of spot audits or other steps taken.
This will discourage people from committing fraud. So even if you have people who think, "I'll do a fraud," if you've got these checks and balances in place, makes it very difficult for them to start in the first place. So remember, if you've got any queries, contact me or contact any of the other team members at Millens. We are here to help you running a fraud free business. Thank you.
