Mitigate Risk of Fraud

We're Stopping Fraud Before It Starts

Did You Know?

Even at larger companies, virtually every theft starts with a very small amount of money.

It usually takes about 18 months for evidence of fraud to surface.

When someone embezzles, you should always prosecute and file a 1099 for the embezzled funds. The IRS will come after the embezzler and get them to pay taxes on what they stole!

Pay more attention to your accounts when there's a long weekend. Certain crooks wait to target firms over long weekends.

Three Key Ways to Prevent Employee Fraud:

  1. Make sure your HR department scrutinizes new hire resumes very carefully. Is the job applicant vastly overqualified? Is a CPA applying for your bookkeeper job? It could be a bad sign.
  2. Do background checks on potential hires. If an applicant lived in another state, make sure to check out-of-state references.
  3. Keep close watch over your accounts. Statements should always be reconciled in a timely manner. The longer it takes to catch a fraudulent transaction, the less likely it is that the bank will cover the fraud.

Try This:

Have your accounting department supervisor review one or two random unopened statements from your clients. Random statement reviews can really help prevent fraud.

Special Online Tools

Positive Pay enables you to detect – quickly and efficiently – certain types of check fraud based on matching check number and the dollar amount. Our payee verify feature offers additional protection by identifying payee name suspects. We have other online tools for large businesses to help you reduce the risk of fraud.