While many Los Angeles and Southern California executives believe that embezzlement and fraud would never happen in their companies, both can occur in any business.
Employees engaging in fraud or embezzlement are frequently trusted and long-term employees, and recent statistics are showing five percent of business revenues are being lost to fraud around the world.
Reviewed in this article…
…are the challenges businesses face in preventing fraud, examples of how the costs of fraud ripple out to impact other areas, and recommendations on how to detect and prevent fraud.
Executives interested in better understanding the ways fraud can occur and the ways to combat it can benefit from talking with a provider of outsourced CFO services.
An experienced professional of this nature can assess current risk factors and make recommendations for processes and controls to help detect attempts at fraud early and safeguard your company’s assets.
Our related article recommends a number of steps that can be taken to prevent fraud losses:
Preventing Fraud: 12 Recommendations for People, Processes & Technology