Internal fraud, in any business, has the likelihood of hurting everyone. Not only do business owners find themselves suffering from losses, but it's easy to imagine that the job security of employees will not be as strong. This is a problem, to say the least, and anyone who's familiar with qui tam practices will say the same. However, in order to better understand what this level of fraud entails, here are a few of the most common signals to stay aware of.
One of the first points to mention, as it relates to internal fraud, would be the complaints which come in. You may hear from workers that, for example, payments are coming in late or that there may be issues when trying to make deposits. These instances are ones which can be immediately recognized by companies like Whistleblowers Against Fraud. This is one of the many signs which, as qui tam attorneys will tell you, will require immediate attention.
Structural instability is yet another potential sign of internal fraud taking place. Let's say that someone who is in charge of finances is let go, for one reason or another. Until another person starts to take that worker's place, the financial aspect of a business may be relatively untouched. Suffice it to say, this is when internal fraud may be at the highest level of risk. Business owners should make it a point to have replacements scouted before this type of fraud can be carried out.
If you're looking to further reduce the risk of internal fraud, the idea of supposed work ethic must be considered as well. Think about how employees may ask to stay in the office after hours so that they may be able to complete more work. One could make the assumption that this is the time when fraud is likely to take place, since there aren't many witnesses to account for. Regardless, before you jump to any conclusions, keep a sharp eye out.
When it comes to the signs of internal fraud, you can clearly see that multiple points stand out. I am sure that others will attest to such a sentiment, especially when you consider that fraud impacts every aspect of finance in business. Make sure that you not only recognize these points but that you're able to act on them the moment that they make themselves evident. Once this is done, there will be little doubt that fraud will stand a lesser chance of being conducted.
One of the first points to mention, as it relates to internal fraud, would be the complaints which come in. You may hear from workers that, for example, payments are coming in late or that there may be issues when trying to make deposits. These instances are ones which can be immediately recognized by companies like Whistleblowers Against Fraud. This is one of the many signs which, as qui tam attorneys will tell you, will require immediate attention.
Structural instability is yet another potential sign of internal fraud taking place. Let's say that someone who is in charge of finances is let go, for one reason or another. Until another person starts to take that worker's place, the financial aspect of a business may be relatively untouched. Suffice it to say, this is when internal fraud may be at the highest level of risk. Business owners should make it a point to have replacements scouted before this type of fraud can be carried out.
If you're looking to further reduce the risk of internal fraud, the idea of supposed work ethic must be considered as well. Think about how employees may ask to stay in the office after hours so that they may be able to complete more work. One could make the assumption that this is the time when fraud is likely to take place, since there aren't many witnesses to account for. Regardless, before you jump to any conclusions, keep a sharp eye out.
When it comes to the signs of internal fraud, you can clearly see that multiple points stand out. I am sure that others will attest to such a sentiment, especially when you consider that fraud impacts every aspect of finance in business. Make sure that you not only recognize these points but that you're able to act on them the moment that they make themselves evident. Once this is done, there will be little doubt that fraud will stand a lesser chance of being conducted.
About the Author:
To find out more about what you have just read, kindly contact Whistleblowers Against Fraud today.. Unique version for reprint here: Internal Fraud & The Common Signs By Qui Tam Attorneys.
No comments:
Post a Comment