By Brian E. Ravencraft, CPA, CGMA, Partner at Holbrook & Manter, CPAs
I know it’s hard to believe since most of us wouldn’t even think about stealing from others, but, sadly, fraud and employee fraud continue to be on the rise. It appears that fraud is the “new normal?? with thousands of incidents occurring every single day. The fraud methods are becoming more sophisticated and the number of incidences is increasing, so I think the best practices below are a good reminder.
Crucial to limiting any chances of loss are prevention and detection. As a business owner, you should have a plan in place for preventing fraud. It is much easier to implement and follow through with strict policies, than to deal with the aftermath of fraud. These best practices are easy to do and will become a routine practice once you start doing them.? These should be implemented by everyone in your organization:
- Monitor your accounts frequently and set up alerts online to identify suspicious activity.
