It's out there but hard to detect. Do you see it coming? Maybe, maybe not. It affects companies of every size in almost every major market segment. What is it? F-r-a-u-d.
Fraud can have serious consequences for businesses. Of course, there's no magic formula to make your business entirely “fraud proof.” But you can implement workplace fraud prevention measures and processes to help avert it and the impact it could have on your company. To create an antifraud environment, you should also define policies and procedures that reinforce behavior to mitigate and prevent fraud.
Organizations have a responsibility to their employees, customers, and public to know their employee's prior to making hiring decisions. Businesses that hire without knowing an applicant's history can become a victim of fraud and potentially suffer enormous damages.
One of the most critical measures is to perform meticulous and comprehensive background checks on all new employees. To guard against deception, prospective employers should rely less on the resume as a completely truthful document. Background check results can reveal factual discrepancies in the application process, and if any red flag information comes to light, companies have the opportunity to think twice before making employment offers.
How well is your company's knowledge about fraud prevention? Take a quiz and find out!