Dealing with fraud

Businesses, as much as individuals, can be victims of fraud. Every business, therefore, should take steps to safeguard itself against fraudulent activities, whatever their source and whatever their nature.

Identify and prevent fraud in your business

It is estimated that fraud costs UK businesses as much as £5 billion a year. Are you certain your business is not a victim?

Internal controls help crack fraud

We all heard the saying, 'Don't put all your eggs in one basket.' When it comes to assigning responsibility for everyday financial transactions, business owners should heed this advice and never give too much control to one employee.

Prevent theft in the workplace

Theft in the workplace can be a real problem for small businesses and can seriously affect your profitability. As an employer you need to protect yourself against this unpleasant fact of life.

Protecting your business against identity fraud

Identity fraud is an ever-increasing problem in the UK. According to the Home Office, the annual cost is now £1.7bn, with businesses shouldering around £50m of the burden.

The most common fraud risk factors

  • Large amounts of cash in hand
  • Small stock with a high cash value
  • Easily convertible assets (eg. tools, vehicles)

What to do when you suspect employee fraud

Remember, suspicion is not enough - you need proof before you can act.

Behaviour that looks dishonest often turns out to be perfectly legitimate, so avoid jumping to conclusions or immediately confronting the suspect.

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