The Southbourne Tax Group: Six Strategies for Fraud Prevention in your Business

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Employee fraud affects all organizations regardless of their size, location or industry type. Most staff may be loyal and work for the company's benefit, but there are still many reasons why some employees commit fraud in various ways. The 2014 Report to the Nation on Occupational Fraud and Abuse (copyright 2014 by the Association of Certified Fraud Examiners, Inc.) revealed that employee fraud leads to a 5% annual revenue loss for typical organizations. Thus, prevention and detection are vital to minimize this loss. Organizations should have an anti-fraud plan in place as recovering from a committed fraud is difficult.