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How will you fight fraud in the workplace this International Fraud Awareness Week
/ Categories: Data Protection

How will you fight fraud in the workplace this International Fraud Awareness Week

Fraud comes in many different shapes and sizes, among them, corporate fraud, tax fraud, identity theft, consumer fraud, investment fraud, bribery and corruption.

Officially defined as 'abuse of position, false representation, or prejudicing someone's rights for personal gain', fraud is an act of deception intended for personal gain or to cause a loss to another party, according to the Serious Fraud Office.

Figures from the Association of Certified Fraud Examiners show the cost of complacency is high. As well as an organisation’s reputation, a fraudulent incident costs a company an average of over $145,000, with nearly a quarter of incidents costing businesses at least $1 million.

A report by PWC states that one in three organisations has reported being hit by economic crime with 56% of fraudsters reported to be on the inside. Industries such as financial services, retail & consumer and communications are reportedly the most commonly affected by fraud.

International Fraud Awareness Week takes place from 13th – 19th of November 2016. The initiative aims to highlight the importance of preventing fraud and the necessary steps to achieve it, encouraging organisations to promote anti-fraud awareness and education around the topic.

 

Here are some top tips to keep in mind in the fight against fraud:


1. Be proactive

Locating where fraudulent activity is most likely to occur in your business and ensuring you have internal controls in place to prevent it will reduce the likelihood of it happening

2. Be sure of who you’re hiring

Conduct thorough background checks on potential employees or anyone working for you. Credit, employment and educational history should be checked as well as any relevant references before employment commences

3. Provide employee training

Making sure all employees are aware of the risks and ways to protect themselves and the company from being targeted, will act as a deterrent for those wanting to commit the crime

4. Communicate!

Regularly communicating the risks to employees and the consequences of committing any type of fraud in the workplace will help to discourage any activity from taking place

5. Shred and store

Shredding, off-site data storage and secure IT recycling are just some of the processes you should have in place in order to safely dispose of data no longer needed. This way it won’t get into the wrong hands!

For more information, visit: www.fraudweek.com

 

 

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