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Research suggests that over 70% of small businesses in Australia have experienced some type of fraud or financial crime – scary!
Unfortunately fraud occurs more often in smaller family owned business, due to the trust factor. Team members are often seen as ‘one of the family’ and as such there is often inadequate separation of duties and other checks and balances in place.
It may be surprising to know that the majority of fraudsters are middle aged women with most (87%) never having been convicted of an offence. The median loss from fraud is approximately $150,000.
Reading this, and given the statistics, I am sure that most of you have either had a similar experience or at least know of an associate who has.
So as business owners and managers, what are the risks you face, what can you do to prevent a fraud and in the event that you are the victim, what should you do?
Whilst it is disappointing to think that you could be the victim of fraud, it is essential that you appreciate that all businesses are susceptible. As such you must have a plan to respond and recover.
Please contact Altitude Advisory for more information.
Rodney Quinn, Quinn Transport
Phillip Cross, Royce Cross Agencies