How to deal with fraud in business?

[Heatman]

Fraud happens mostly in the workplace when there's no Proper and constant supervision. So it is important to prevent this by employing the right hands to checkmste fraud in the company

This is the reason why supervision is very important in any kind of business and I will always do it in my business irrespective of how good my workers are supposed to be.

 

[astutimeliana723]

This is the reason why supervision is very important in any kind of business and I will always do it in my business irrespective of how good my workers are supposed to be.

That's right I agree with you. I also do the same as you. I always keep an eye on my business regardless of how well my employees are, because fraud in business is often the result of opportunity and a lack of oversight.

 

[cherry123]

Yes proper monitoring and supervision is very important in any kind of business. it will always help make a business stay out from the hands of fraudsters as they are everywhere

 

[aovurevu]

At the company where I work, unannounced inspections are often held. To find out who is dishonest at work. Everything is checked from the cleanliness of the place and work tools, tidiness and completeness of work uniforms, product quality, etc. to ensure everything is maintained properly.

What other means do you think other than spot checks can be used to deal with fraud in business?

This is a very good way of regulating fraud and also making sure the right input is put into job, doing this will make workers take job seriously because they don't know when inspectors will be around.

 

[Etini Willie]

Another way of controlling fraud is switching staff around department often. Fraud really thrives when a staff understands the loopholes of that department. Changing them often would make it hard for them to adapt and do fraud.

 

[cherry123]

Yes transferring staff around departments or to another branch can help to curb this. I agree that fraud really thrives when a staff is comfortable with stealing from a particular position

 

[astutimeliana723]

This is a very good way of regulating fraud and also making sure the right input is put into job, doing this will make workers take job seriously because they don't know when inspectors will be around.

That's right I agree with you. Especially if there is a penalty that deters employees who don't work well. Once at that time we had one of my friends sleeping during working hours, he was taken in a photo and put into the company's WhatsApp group. So that he will feel ashamed. Besides that, he was also forced to move to another place/branch.

 

[cherry123]

Fraud is bad for any business or office. so there should always a penalty that deters employees who are fraudsters from stealing. The books of accounts should be checked periodically too

 

[Etini Willie]

A business can prevent fraud by automating the organization and using Fraud detection software like like SAS Faud Management and IBM Trusteer. These apps are equipped with algorithm to detect fraud in business organizations.

 

[cherry123]

I agree with you automating the organization wouldn't be a bad idea Yes I see even using Fraud detection software to early detect fraud wouldn't be a bad idea now

 

[Heatman]

That's right I agree with you. I also do the same as you. I always keep an eye on my business regardless of how well my employees are, because fraud in business is often the result of opportunity and a lack of oversight.

People usually became careless whenever they are not monitored or supervised which is why you need to make it a constant thing in your business. Don't even give them the time that you will come to supervise them so that they can't be alert to cover their tracks.

 

[cherry123]

Yes a supervisor can always show up for a job unannounced. This will get everyone unawares. No need to alert them on the time that you need to supervise them

 

[Springtime]

To avoid frauds in business, the owner needs to conduct internal audits from time to time. Do spot checks occasionally. If an employee has been found engaging in fraudulent activities, disciplinary action must be taken immediately.

 

[capri]

Unannounced checks are carried out to ensure that all activities run smoothly and that no irregularities have occurred. usually done on inventory, cash opname. Each inspection is carried out by different experts, for product quality it is usually carried out by the production manager.

I think the strategy of carrying out unannounced checks would be extremely helpful in preventing people working in a business from engaging in fraud. This tactic could especially be useful when effected among employees working in inventory department who may opt to pilfer company property.

 

[cherry123]

Yeah it should be about checks and balances. Preventing people from stealing is never an easy task. But there's two ways about this, you just have to put things in place

 

[astutimeliana723]

People usually became careless whenever they are not monitored or supervised which is why you need to make it a constant thing in your business. Don't even give them the time that you will come to supervise them so that they can't be alert to cover their tracks.

That's right I agree with you. Besides that, installing CCTV can be a good solution, to monitor when we have needs outside the company. Many companies here install CCTV, even though they can't really protect against cases of fraud and theft, they can at least minimize it.

 

[cherry123]

That's right installing security tools or software wouldn't be a bad idea. Yes CCTV can be a good solution, to monitor abd oversee whatever is going on everywhere it will be better.

 

[hastral45]

Due to the large number of crime cases in business, we must take various preventive measures. I think installing CCTV in business premises is very important to guard against fraudulent and criminal activity. Many companies implement this as their security system besides a security.

Installing CCTV can only only do little when it comes into fraud prevention. Internal mechanism must be set up which would prevent occurence of fraud in the business.

 

[astutimeliana723]

Installing CCTV can only only do little when it comes into fraud prevention. Internal mechanism must be set up which would prevent occurence of fraud in the business.

Indeed, the majority of criminals here are also not afraid of CCTV footage anymore, because the authorities don't want to deal with it if there is no bribe money. In fact, theft often occurs inside the mosque, even though it is equipped with CCTV.

 

[Niyi Briggs]

CCTV would prevent physical fraud. But that is not the only way fraud can be carried out in a business. It can also be carried out in accounting and that can surely be curbed by accounting software n Have a CCTV camera and automate your business to prevent fraud.