Although most businesses do their best to hire honest workers and foster a culture based on integrity, fraud and employee theft in the workplace are surprisingly more common than one may think. This is especially so in smaller companies where there are fewer resources for stronger security measures to help prevent incidents. Statistics show that the average crime loss is $140,000 with many larger criminal incidents totaling even more than $1 million. The actual act of fraud typically occurs three years prior to detection; additionally, before actively committing a crime, 60% of fraudsters are employed for at least five years – occasionally even longer than that. The best defense here is actually offense. Implement standard practices to prevent these crimes and have the right insurance program in place to prepare for the very legitimate possibility of your business becoming an unfortunate victim of theft or fraud.
