It is estimated that fraud costs UK businesses as much as £5 billion a year. Are you certain your business is not a victim?
Theft in the workplace can be a real problem for small businesses and can seriously affect your profitability. As an employer you need to protect yourself against this unpleasant fact of life.
We've all heard the saying, 'Don't put all your eggs in one basket.' When it comes to assigning responsibility for everyday financial transactions, business owners should heed this advice and never give too much control to one employee.
Identity fraud is an ever-increasing problem in the UK. According to the Home Office, the annual cost is now £1.7bn, with businesses shouldering around £50m of the burden.
Large amounts of cash in hand
Small stock with a high cash value
Easily convertible assets (eg. tools, vehicles)
Remember, suspicion is not enough - you need proof before you can act.
Behaviour that looks dishonest often turns out to be perfectly legitimate, so avoid jumping to conclusions or immediately confronting the suspect.
