Fraud is an increasingly growing crime that leaves devastating consequences for the victims. Small businesses are often targeted for fraud with a few examples of the more common fraudulent crimes being financial statement fraud, insurance claims fraud, as well as corporate embezzlement. If you suspect fraudulent activity in your business, having an experienced firm working in fraud investigations can save you a lot of time, money, and grief. To perform fraud investigations for your small business, Kolbach & Associates Investigations has the experience and expertise you need. Our team of specialists also investigate business fraud in litigation matters as we focus on the primary needs as applicable. Such examples are business valuations, shareholder lawsuits, contract disputes, and bankruptcy. With the assistance of our team, we have plenty of hands and expertise to make the investigation process concise, meticulous, and efficient.
Small Business Fraud & the Trusted Employee
For small businesses, each year in the United States, fraud accounts for billions of dollars in losses. As previously mentioned, too many more examples are often in conjunction with other activities. Fraud takes shape in a number of ways. Surprisingly, small businesses are just as susceptible as larger companies or even more so. Small businesses, in recent studies, consisting of 100 employees or less actually were found to suffer far more loss than the larger. In this same study, these small businesses were found to be over 100 times more vulnerable as a victim in fraud related crimes.
How to Prevent Frauds in Business
To make your small business less likely to be victimized by fraud, below are a few tips.
1) High Ethics & Morals – With a zero-tolerance policy for unethical behavior, develop and diligently maintain high work ethics and moral standards. To establish your strict policy, set realistic and achievable goals in the workplace. To instill your perspective, be sure to include training for the employees with on- going courses regarding your specifics on the values and code of conducts.
2) Strong Internal Control Systems – System controls should be invested. Regularly monitor and audit your detailed record keeping, and payment systems in addition to increasing the security in your computer.
3) Watch for Fraud. Be more aware of the warning signs of fraud. To alert you on abnormal behaviors and potential transgressions, take the time to create internal mechanisms that can help deter any mischievous activities.
4) Anonymous Reporting of Business Fraud. To help the reporting of fraud, anonymous reporting systems for staff is ideal. For fear of retaliation, many employees shy away from getting involved or calling out any unethical behavior. Create an anonymous reporting system for your staff so they may feel safe and more likely to report any suspicious behavior.
5) Investigating Fraud Immediately. As soon as you suspect any fraudulent acts, immediately notify Kolbach & Associates Investigations. Our team of qualified professionals as the formal training, experience in the field, and accumulated resources to perform fraud investigations proficiently.
Private Investigations in Sioux Falls, Aberdeen, Brookings, Watertown, Mitchell, Yankton, Pierre, Huron, Spearfish, Vermillion, Brandon & Greater Rapid City, SD
With the help of Kolbach & Associates Investigations, we will help detect fraudulent acts in addition to collecting the evidence you need if you want to pursue legal action. Call us today for your consultation.