Fraud in small business ……need-to-know and some how-to prevent your business being so vulnerable to significant losses. Recommended read
Excerpt……Despite staggering statistics as to the massive scope of fraud in sheer dollar volume and the surprising vulnerability many companies are to white-collar crime, a shocking number of businesses are ill-prepared to prevent it, or are unsure of how to implement an effective prevention program.
Adding to that malaise is an economy that has prompted thousands of companies to make cuts in both personnel and resources – a lethal combination that serves as a veritable breeding ground for corporate and employee malfeasance.According to the Association for Certified Fraud Examiners’ study, Report to the Nations, a typical organization loses nearly 5 percent of its annual revenue to fraud with the median loss at about $160,000. Nearly one-quarter of all reported fraud exceeded $1 million.
Read full article…..via The not-so-usual suspects. From Accounting Today
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