1. Ensure that no individual is responsible for processing a transaction from start to finish. E.g. The person who authorizes the issue of inventory should not be the storekeeper.

2. Restrict access to your company’s physical and financial assets, including financial records to authorized persons only.

3. Verify your assets (inventory, cash, equipments, etc) regularly to ensure that what is recorded in the books is actually on ground.

4. Before hiring, do a pre-employment background check on all prospective employees. Call their former employers and ask questions about their character and why they left.

5. Develop and implement policies to determine how financial transactions are initiated, authorized and reviewed.

6. Invite external auditors to review your business accounts, transactions, and procedures, at least once in a year.

7. Encourage your employees to report any incident of theft or fraud directly to you, and promise to reward them if they do.

8. Do not take any case of fraud lightly. Investigate properly and discipline defaulters to pass a message that you have zero tolerance for fraud.

9. Do not allow employees to visit the business premises after working hours. If you can afford it, install CCTV cameras in all high risk areas.

10. Fraud perpetrators usually display behavioral traits that can indicate intention to commit fraud. Observing your employees closely can help you identify potential fraud risk.

11. If you notice unexplained drop in sales, rotate the attendant. If sales improve, it could be a sign that fraud has been ongoing. Carry-out a thorough investigation.

12. An increase in sales when a key employee proceeds on leave could be a sign of fraud. For this reason, beware of any staff who doesn’t like going on vacation.

13. Monitor employees who appear to live beyond their income. Also, those into gambling & drugs. These are extravagant lifestyles & you can’t afford to be funding them.

14. Some employees use their employers’ business for their own personal business. For instance, they bring in their own stock, similar to their employers’ to sell. Watch out!

15. Report loss/ theft of your check books/ debit cards immediately. This will enable the bank block payments or other transactions on the missing card/ check numbers.

16. Respect and treat your employees well. If you do, only a person without conscience will steal from you or conceive evil against you or your business.

17. Set up an anonymous way for your employees to alert you of any concerns related to potential fraud within your company. Take these alerts seriously.

18. Avoid using multiple bank accounts for your business. It makes it difficult for you to detect inappropriate movement of funds.

19. When your accountant insists on handling tasks that other departments or individual is responsible for e.g. purchasing, it could be a sign of fraud.

20. If your accountant continually misplace or misfile important documents, e.g. payroll records, deposit records, receipts etc., it could be an indication of fraud.

21. If deposits are frequently lower than expected. You should compare sales receipts with amounts deposited into the bank account and query any differences.

22. Be on alert if your accountant continuously looks for excuses why not to follow the company’s established accounting or administrative procedures.

Theoretically, good points, BUT in reality anything can happen any how.

OP in this harsh economic period that the APC have landed us into, u are typing all this essay? Well, I would have prefer an essay on how youths can be self and gainfully employed or how the APC led Govt should provide jobs.

g

following.













Looking forward to real life rxeriences.






★★★
Nairaland is so dry today, are the bloggers on strike?

I think good salaries which is okay for them can keep them off their employer money.

Nice one.

I think good salaries which is okay for them can keep them off their employers' money.

Interesting, especially for some of us who are planning on establishing our own businesses soon.

any thing can happen. just set a standard everyone must follow


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How To Prevent Employee Fraud/ Theft: 22 Tips

All you wrote are sermon, be good to them and then hand over your affair(business) in the hand of God.

Op please we don tire for all dis 22, 10 or 5 tips to become dis or that.. What we desperately wanna hear is a tip to kick awt vix scam called CHANGE

when the management is engaging in fraud here and there nko?

Very informative. Educative and scintillating. Better than many poo posts about Tonto Dike, Davido. Wizkid, Mercy Johnson etal

Good points

end time and terrible theft.

main reason why my boss is so mean towards us all

Oh... All these just to prevent theft Wahala dey ooo.

If I hear these points can stop thieves from stealing

learning new tricks every day.

Ok

This can only work in a company where the top management of the company are not accomplice in the theft/fraud.

Very good read.

echelons:
Interesting, especially for some of us who are planning on establishing our own businesses soon.

Good 4 u. While u r planning on establishing ur own business, ensure to provide competitive remuneration for ur workforce. That's d best avertive strategy against employee fraud. Don't go paying dem peanuts n expect a hassle free business.

Lol... Believe when you meet some employees this your tip will not do anything, though it help in some areas....


Just pray that God should continue to touch the hrt of your employees, and treat them well..... That's all

Pay them good wage and look after their development

Hey. thanks a lot. this can double as a guide on how to properly run a business. Most of the points are very relevant to my business. I will copy this and refer to it from time to time. Thanks.

Ensure you secure a license private Consultant Administrator aside private Auditors to regularly review your organizational structure and business strategy compliance.

end time fraudsters/theft