The USA based Association of Certified Fraud Examiners (ACFE) provide some valuable resources. Workplace Fraud is a serious issue in Australia. Tools like their Fraud Prevention Checkup may assist you to consider what practical steps you can take to reduce workplace fraud.

The ACFE is the world's largest anti-fraud organisation.  Streeterlaw Sydney Law Firm also have available a free White Paper for businesses.

Workplace Fraud Investigation, How to legally uncover it, stop it, prevent it.

The Association of Certified Fraud Examiners (ACFE) have a free report Occupational Fraud: A Study of the Impact of an Economic Recession available from their website.

ACFE President James D. Ratley, CFE says "Desperate people do desperate things. Loyal employees have bills to pay and families to feed. In a good economy, they would never think of committing fraud against their employers. But especially now, organizations must be vigilant during these turbulent times by ensuring proper fraud prevention procedures are in place."

The survey behind the report also found that:
* Employees pose the greatest fraud threat in the current economy. When asked which, if any, of several categories of fraud increased during the previous 12 months, the largest number of survey respondents (48 percent) indicated that embezzlement was on the rise.
* Layoffs are affecting organisations' internal control systems. Nearly 60 percent of CFEs who work as in-house fraud examiners reported that their companies had experienced layoffs during the past year. Among those who had experienced layoffs, almost 35 percent said their company had eliminated some controls, while 44.2 percent said the layoffs had no effect on controls and only 3.2 percent said their company had increased controls.

The survey was conducted in USA in February and March 2009. The findings are still of interest now in Australia.

For a copy of the report click here >> Occupational Fraud: A Study of the Impact of an Economic Recession

Business fraud is an increasing problem not only in Australia. In this American video forensic accountant and anti-fraud director, Lance Randolph of CBIZ MHM, discusses the two most common fraud schemes facing corporate America today. The situation in Australia is similar with corporate fraud done by a company's own staff a serious issue. Protecting your business from fraud can be a matter of having simple procedures in place.

It is amazing that simply "writing a cheque" is the easiest way for businesses to be de-frauded by their own employee(s). The second one is the use of counterfeit cheques.



Do you suspect Corporate Fraud? Ask for a free White Paper: Workplace Fraud Investigation. How to uncover it, prevent it, stop it

Business fraud costs everyone in a company. Policies and procedures for businesses help prevent and identify fraud. This American news report gives some insight into the problem.

The video includes a case of a former trusted book keeper of a restaurant who defrauded their employer of thousands of dollars.



Do you suspect Corporate Fraud? Ask for a free White Paper: Workplace Fraud Investigation. How to uncover it, prevent it, stop it

Preventing or dealing with workplace fraud or theft takes work. Preparation is a big part of this. Even just saying you will be doing background checks during an interview process may help weed out some people from ever being hired.

Business owners should consider the level of risk their business is exposed to. Always presume innocence of staff. However ensure you have policies in place. Breach of these policies may allow you to dismiss staff much easier than simply suspecting them of theft or fraud. The American video below includes some practical tips if you want to initiate an investigation. Be very careful before making accusations of staff who may have been involved in workplace fraud.

Comment from Mark Streeter Fraud Lawyer

While this video suggests a do it yourself approach to fraud investigation it is pretty easy to see how it could get complicated. Streeterlaw are experienced in investigating workplace fraud. Acting quickly is important before evidence can be tampered with. Unfortunately taking the untrained approach, or relying on HR staff as  promoted in the video can give the suspect too much time and power in the situation to cover tracks.

If you suspect workplace fraud or theft give Streeterlaw a call.



Do you suspect Corporate Fraud? Ask for a free White Paper: Workplace Fraud Investigation. How to uncover it, prevent it, stop it

Fraud can happen in any business. However non-profit organisations sometimes have looser controls so may be more susceptible to fraud. This video dramatisation below may be a little corny but the message about corporate fraud is good. The statistics about fraud are also interesting. More men commit corporate fraud than women.

The fraud video helps show how easy it can be for employees to take advantage of lack of business controls. Simple things like no double signing of cheques, not checking bank statements - or simply having too much control by only a few staff members.

Comment from Mark Streeter - Sydney Fraud Lawyer

Fraud is not always premeditated. Rather fraud can be opportunistic. Yet if fraud is not caught early employers can continue to abuse the situation and cause more damage to the business. If you suspect fraud give us a call.



Do you suspect Corporate Fraud? Ask for a free White Paper: Workplace Fraud Investigation. How to uncover it, prevent it, stop it