Last Tuesday, a regional bank president called our team. “We just discovered our head teller has been stealing from us for four years… how did we miss this?”
Said bank had spent $2.3 million on cybersecurity upgrades in the past two years. State-of-the-art firewalls. AI-powered fraud detection. The works. Meanwhile, the head teller was skimming $300 a week from dormant accounts, and nobody noticed because she was careful, she was patient, and she knew exactly how their systems worked.
The teller walked away with $62,400 before they caught her. The bank’s going to lose about $1.2 million by the time this mess gets cleaned up.
The frustrating part? The suspected employee wasn’t some criminal mastermind. She was just paying for her mom’s nursing home care and figured nobody would miss money from accounts that hadn’t been touched in years. She was wrong about the “nobody would miss it” part, but she was absolutely right about how easy it would be.
The numbers from this year are brutal. According to the latest industry report, 57% of financial institutions lost over $500,000 to fraud in 2024. A quarter of them lost over a million. That’s not “some banks.” That’s most banks.
The fraud examiners association puts the total at 5% of revenue lost to fraud annually. Take your bank’s revenue, multiply by 0.05, and try not to throw up.
But here’s what really gets complicated: these numbers only represent the fraud we actually catch. For every suspected teller who gets discovered, how many others are out there right now, slowly bleeding banks dry?
Your Security Strategy Has a Teller-Sized Hole in It
Most banks approach security like they’re building Fort Knox. Massive perimeter defenses. Sophisticated detection systems. Armed guards. Electronic monitoring. It’s all very impressive.
But Fort Knox doesn’t help you when the threat is already inside, wearing a company ID badge and asking about your weekend plans.
Your firewall doesn’t know that Steve from commercial lending is using customer information to make stock trades. Your fraud detection system won’t flag Sarah from operations when she approves fake expense reports for her boyfriend’s contracting company. And all those automated alerts? Completely useless when someone knows exactly how to fly under the radar.
Last year’s case involved three employees who figured out how to create phantom loan accounts. Not sophisticated stuff—just basic knowledge of how the approval process worked and where the gaps were. Over eighteen months, they “approved” $340,000 in loans to fake borrowers, then split the proceeds. The beauty of their scheme? Each step looked completely legitimate to anyone checking.
Another case involved a compliance officer—the person whose job was literally to prevent fraud—who figured out how to hide unauthorized wire transfers in routine regulatory reports. She stole $180,000 over two years, and the only reason they caught her was because she got greedy and started moving larger amounts.
These weren’t criminal masterminds. They were regular employees who understood their bank’s blind spots better than the security team did.
The Real Cost Makes the Teller Case Look Like Pocket Change
Direct theft is just the appetizer. The main course is everything that comes after.
Then there’s the reputation damage. Banking is built on trust. When customers find out your employees have been stealing, they start wondering what else you’re not telling them. Accounts close. New customers go elsewhere. Community banks have lost 15% of their deposit base after internal fraud becomes public knowledge.
The operational chaos is devastating too. Good employees get pulled off important projects to deal with the investigation. New procedures have to be implemented overnight. Staff morale craters because everyone’s now under suspicion. Some banks never fully recover from the disruption.
And then the lawyers show up. Customers sue. Shareholders file lawsuits. Insurance companies fight claims. Legal bills pile up faster than snow in January.
The bank president mentioned earlier? By the time the teller’s case was resolved, the total cost was $1.2 million. For $62,400 in actual theft.
The Trusted Employee Problem
The worst cases always involve people you’d never suspect. Not the sketchy new hire who shows up late and leaves early. It’s the 20-year veteran who coaches Little League. The manager who organized the office Christmas party. The compliance officer who never missed a continuing education seminar.
These folks don’t wake up one day and decide to become criminals. It starts small—borrowing from petty cash with every intention of paying it back. Taking a small amount from an inactive account “just this once.” Using customer information for a “sure thing” stock tip.
But here’s what becomes clear after investigating hundreds of these cases: once someone crosses that line the first time, it gets easier every time after that.
And the longer they’ve been with your institution, the more dangerous they become. They know which accounts get reviewed and which don’t. They understand your approval processes inside and out. They’ve built relationships with colleagues who trust them implicitly. They know exactly how much they can steal without triggering alerts.
Most importantly, they know how to make their theft look like system errors, processing delays, or customer mistakes.
Why Your Internal Team Can’t Handle This
Your internal audit department is good at checking boxes and following procedures. They’re not trained to think like criminals. Your IT security team knows technology but doesn’t understand criminal behavior. Your HR department can handle policy violations but can’t conduct covert surveillance or digital forensics.
Here’s what happens when you try to investigate internal fraud with internal resources: word gets out immediately. The suspected employee either covers their tracks or disappears. Evidence gets deleted or destroyed. Witnesses get nervous and stop cooperating. The investigation becomes a circus, and the fraudster usually walks away clean.
Professional investigators bring capabilities that don’t exist in most banks:
Covert observation: Professional teams can watch suspected employees without them knowing an investigation exists. No office gossip, no warning signs, no opportunity to destroy evidence.
Digital forensics: Deleted emails, cleared browser histories, encrypted communications—specialized tools and expertise can recover digital evidence your IT department can’t access.
Social media investigation: Many internal fraudsters post about their newfound wealth on social media. Expensive dinners, luxury vacations, designer purchases—all funded by stolen money and documented online.
Interview techniques: Getting the truth from employees requires specialized training. Professional investigators know how to conduct interviews that actually produce useful information, not just denials and deflections.
Legal evidence handling: Finding evidence is one thing. Making sure it holds up in court is another. Professional investigators know how to preserve evidence, maintain chain of custody, and document everything properly for prosecution.
Red Flags That Should Scare You
Some warning signs are obvious: employees living beyond their means, reluctance to take vacation time, defensive behavior about routine questions. Others are more subtle.
Watch for employees who seem to know too much about other people’s financial situations. Staff members who volunteer for overtime constantly, especially on weekends when fewer people are around. Anyone who gets unusually anxious when others handle their responsibilities.
Pay attention to customer complaints about account discrepancies, even minor ones. Notice employees who have unusually close relationships with vendors or specific customers. Be concerned about resistance to new procedures or system changes.
Anonymous tips should always be taken seriously, even if they seem vindictive or far-fetched. Most anonymous tipsters are fellow employees who’ve seen something suspicious but are afraid to speak up directly.
Here’s the thing about gut instincts: they’re usually right. If something feels off, it probably is.
The Math Works (When You Do It Right)
Yes, hiring professional investigators costs money. But consider the alternative.
The average internal fraud case costs financial institutions $1.4 million in direct and indirect losses. That includes the stolen money, regulatory fines, legal costs, reputation damage, and operational disruption. Some cases cost much more.
A comprehensive fraud investigation typically runs $15,000 to $50,000, depending on complexity. Even expensive investigations cost a fraction of what you’ll lose if fraud continues undetected.
Plus, professional investigators often uncover additional fraudulent activity that internal investigations miss. More complete investigations lead to better recovery through insurance claims, civil lawsuits, and asset seizure.
And here’s something most bank executives don’t consider: the deterrent effect. When employees know management takes fraud seriously and has professional resources to investigate suspicious activity, they’re much less likely to try anything stupid.
Don’t Wait for Your Next Audit to Discover the Problem
Internal fraud isn’t theoretical. It’s happening right now, at banks just like yours, committed by employees who seem just as trustworthy as yours.
The longer fraudulent activity continues, the more sophisticated it becomes and the more expensive it gets to resolve. Early detection saves money, protects reputation, and minimizes disruption.
If you’re seeing red flags, experiencing unexplained losses, or just want an honest assessment of your vulnerability, don’t wait. The cost of acting too late is always higher than the cost of acting early.
Ready to discuss your institution’s fraud prevention and detection capabilities? Schedule a confidential consultation with Kyle Robison, our Deputy Director of Investigations at Lauth Investigations International. Kyle brings extensive experience helping financial institutions identify, investigate, and resolve complex internal fraud cases.
Schedule your consultation today to discuss how professional investigative services can protect your institution’s assets and reputation. You can also text us directly at 317-759-1004— really, text us.
Lauth Investigations has been helping financial institutions deal with internal threats for over twenty years. We know banking, we understand fraud, and we know how to investigate these cases without destroying your institution’s reputation in the process.
Financial fraud – two words that strike fear into the hearts of individuals and businesses alike. In today’s world, where digital transactions and complex financial systems reign supreme, the risk of falling victim to fraudulent activities is higher than ever. From identity theft and credit card fraud to elaborate Ponzi schemes and insider trading, the tactics employed by fraudsters are as diverse as they are deceptive. But fear not, for in this article, we will delve deep into the realm of financial fraud prevention, exploring strategies that individuals and businesses can implement to safeguard their assets and mitigate risk.
Understanding the Landscape of Financial Fraud
Before we dive into prevention strategies, let’s take a moment to understand the landscape of financial fraud. In recent years, the prevalence of cyber crime has skyrocketed, with hackers and scammers employing sophisticated tactics to exploit vulnerabilities in digital systems. Phishing emails, malware attacks, and data breaches are just a few examples of the techniques used by cyber criminals to gain access to sensitive information and perpetrate fraud.
In addition to cyber crime, traditional forms of fraud such as identity theft and embezzlement continue to pose significant threats to individuals and businesses. Whether it’s a dishonest employee skimming funds from company accounts or a fraudster using stolen personal information to open fraudulent credit accounts, the impact of financial fraud can be devastating, both financially and emotionally.
Strategies for Individuals
Now that we have a better understanding of the risks associated with financial fraud, let’s explore some strategies that individuals can employ to protect themselves against falling victim to fraudulent activities.
Monitor Financial Accounts Regularly: One of the most effective ways to detect and prevent fraud is to monitor your financial accounts regularly. Keep a close eye on your bank statements, credit card transactions, and credit reports for any suspicious activity. If you notice any unauthorized charges or unfamiliar accounts, report them to your financial institution immediately.
Use Strong Passwords and Multi-Factor Authentication: Protect your online accounts by using strong, unique passwords and enabling multi-factor authentication whenever possible. This adds an extra layer of security and makes it more difficult for fraudsters to gain access to your accounts.
Be Wary of Phishing Attempts: Phishing emails are a common tactic used by cybercriminals to trick individuals into revealing sensitive information such as passwords or financial details. Be cautious of unsolicited emails or messages asking for personal information, and never click on links or download attachments from unknown senders.
Shred Sensitive Documents: Dispose of sensitive documents such as bank statements, credit card bills, and tax forms securely by shredding them before throwing them away. This helps prevent identity thieves from rummaging through your trash and stealing your personal information.
Stay Informed: Educate yourself about the latest scams and fraud trends so that you can recognize potential threats and take appropriate action to protect yourself. Stay up-to-date on news and information from reputable sources, and don’t hesitate to reach out to your financial institution or law enforcement if you suspect fraudulent activity.
Strategies for Businesses
In addition to individuals, businesses also face significant risks when it comes to financial fraud. From employee theft and vendor fraud to sophisticated cyberattacks, the potential for loss is substantial. Here are some strategies that businesses can implement to prevent financial fraud:
Implement Strong Internal Controls: Establish robust internal controls and procedures to safeguard your company’s assets and detect fraudulent activity. This may include segregation of duties, regular audits, and strict approval processes for financial transactions.
Conduct Background Checks: Before hiring new employees or engaging with vendors and contractors, conduct thorough background checks to verify their credentials and ensure they have a clean record. This can help prevent hiring individuals with a history of fraud or dishonesty.
Provide Ongoing Training: Educate your employees about the risks of financial fraud and provide training on how to recognize and report suspicious activity. Encourage a culture of transparency and accountability, where employees feel comfortable speaking up if they suspect fraudulent behavior.
Secure Your Digital Systems: Invest in robust cybersecurity measures to protect your company’s sensitive information from cyberattacks. This may include firewalls, antivirus software, encryption, and regular security updates.
Monitor Financial Transactions: Keep a close eye on your company’s financial transactions and accounts, and regularly reconcile accounts to detect any discrepancies or irregularities. Implement automated monitoring systems to flag suspicious activity in real-time.
Your Trusted Partner in Fraud Investigations
In the unfortunate event that your business falls victim to financial fraud, Lauth’s fraud and forgery investigations can provide invaluable insight and support. Our team of experienced investigators specializes in uncovering fraudulent activities such as FMLA fraud, credit card fraud, and more. With expertise and attention to detail, Lauth leaves no stone upturned in exposing the culprits behind the crime and helping businesses recover from financial crises.
In conclusion, financial fraud is a pervasive threat that requires vigilance, awareness, and proactive measures to prevent. By implementing the strategies outlined in this article, individuals and businesses can reduce their risk of falling victim to fraudulent activities and protect their financial well-being. And remember, if you ever find yourself in need of assistance with fraud investigations, Lauth is here to help. Stay safe, stay informed, and stay one step ahead of the fraudsters!
Safeguarding Your Workplace: Strategies to Prevent Theft and Fraud.
In today’s hyperconnected world, safeguarding your business from pervasive workplace theft and fraud is inevitable, and demands a multifaceted approach. Enterprises are increasingly grappling with the metamorphosis of criminal tactics and the advancement of technology. These trends are a danger to any surviving business and require well-thought-out approaches to mitigate losses. According to the Association of Certified Fraud Examiners (ACFE), organizations lose about 5% of their total revenue through fraud, which amounts to trillion dollars annually. This loss goes beyond financial, to damage of trust by customers, dented reputation, and legal ramifications.
To ensure your workplace is protected from these threats, it is paramount to institute solid strategies that address vulnerabilities across the business- policies, employee awareness, organization culture, and policies. Let’s delve into methods that you can employ to prevent theft and fraud in your industry.
Establishing a Culture of Integrity
It is essential to understand that a business is as good as its employees. This means that if the workforce is morally corrupted, this is reflected in your business, and the chances of making losses are high. Cultivating a culture of integrity is the foundation of dealing with fraud, and this has been supported by past research showing that institutions with high integrity culture experience less fraud. Does this resonate with you? Well, let’s look at the case of Wells Fargo, a financial institution embroiled in a scandal of fraudulent account openings. Due to the aggressive sales culture of the company, it incentivized employees to achieve unrealistic targets. This misconduct of wanting to achieve short-term gains damaged the company’s reputation.
A simple act of failing to act ethically can ruin your years of investment, a pitfall that businesses should avoid. This can happen by supporting workforce accountability, transparency, and honesty. As a human resource director, you are responsible for encouraging an open form of communication where employees can report any theft or fraudulent activities without fear. For you to effectively implement these, it is essential that you understand the nature of your corporate culture, and Lauth has seasoned experts in conducting corporate culture audits. We will ensure that the findings of the audit capture the weaknesses and provide workable recommendations.
Conducting Thorough Background Checks
“Trust but verify.” This adage should prevail when hiring new employees. Conducting a thorough background check is vital in identifying the red flags and mitigating the risk. The data released by the Society for Human Resource Management (SHRM) alludes that about one-third of job applicants provide false information on their resumes. This should scare you as a human resource director. Consider the Enron Energy Company case, deemed one of the heinous accounting frauds in history that led to its demise. If the company had conducted proper background checks on the executive, they might have uncovered the unethical behavior.
The rule of thumb is a background check is essential to prevent internal fraud and theft, which could potentially cripple your business. Most human resource directors need to pay more attention to this stage, as it is perceived to waste time. It’s understandable, but we must find a way to dispel the fact that such a process can be outsourced. Our private investigators are experienced in conducting comprehensive background checks and providing objective details that would save your company in the future.
Implementing Stringent Access Controls
We must uphold the importance of securing business’s information and critical data. Insider threats account for a high percentage of fraud incidents, emphasizing the significance of having strong access control. To avoid data breaches, it is imperative to implement pin codes, biometric scanners, and keycards since they are important tools for identifying and monitoring the activities of employees within the place of work.
Are all these stringent measures effective? The answer to this question might differ depending on whether your business has experienced a case of fraud or theft. However, it has been proven that establishing access control at the cash office prevents theft. This is because all log trails are left behind, and any theft can be traced to a specific employee. You need to know the source to mitigate. That’s why the fraud investigation service is elemental for your company.
Implementing Surveillance and Monitoring Systems
Deploying surveillance cameras and monitoring systems could be a step towards mitigating theft and fraud in the workplace. While it might intimidate the workers, it is a security awareness strategy. The study conducted by the University of North Carolina showed that cameras reduce theft and fraud by 51%. For example, in the retail sector, video analytics software can detect activities such as shoplifting and provide real-time information to security personnel to act. Now that our most excellent tool at Lauth is risk assessment, we can offer guidelines on where you could be missing regarding surveillance and monitoring. Secure your investment!
Conclusion
Safeguarding your business against theft and fraud needs a comprehensive approach, requiring you to examine your organization’s culture, existing policies, available technology, and employees’ awareness. Organizations can curb theft and fraud by implementing a culture of integrity, conducting background checks, implementing access control, and ensuring surveillance and monitoring systems. These protect your reputation and assets and uphold the culture of accountability. Lauth’s investigative services chip in to supplement your organization’s operational safety.
Employee fraud is common, especially in small and medium-sized businesses. It involves fraudulent activities such as stealing from your organization, deceiving your employer, or illegally gaining financial favor or personal benefits. According to one study, about 46% of organizations have admitted to experiencing fraud in the last two years. While fraud can stem from other sources like shareholders, business partners, or service providers, most fraud threats are internal rather than external. This is why it is crucial to know a fraud red flag when you see it.
Employee fraud can take several forms, but the most common ones include payroll fraud, embezzlement, theft, and bribery. While it can sometimes be hard to detect cases of employee fraud, there are certain fraud red flags to look for.
A sudden change in an employee’s lifestyle that doesn’t match their salary or benefits. For example, you should consider doing workplace investigations if some junior employees suddenly acquire costly houses and cars.
Employees suddenly become secretive and unwilling to share their processes with anyone, not even their bosses. Consider it a fraud red flag if an employee is reluctant to let a third party review their processes and procedures because the chances they are doing something they weren’t supposed to do are high.
You keep receiving tips or complaints that a particular employee indulges in fraud. If this happens, you need to commence workplace investigations immediately to get to the root of the matter. After all, there are indications that up to 42% of employee fraud cases are detected thanks to tips from known and anonymous sources.
Sudden inconsistencies in accounts. For example, sudden, excessive, and unexplainable cash transactions could indicate fraud. Be ready to get auditors to look into your organization’s account to check for discrepancies.
An employee suddenly thinks he is above the laws of the organization, and the rules do not apply to him. Once you notice this, the next logical thing is to get your internal control team on board to begin thorough investigations. Refraining from following proper procedures or adhering to the regulations of your organization is a huge fraud red flag.
You must prevent your organization from fraud as a business owner or manager. So once you notice signs of fraud, you must invest in a thorough workplace investigation to uncover all the criminals and prevent further crimes. Of course, different organizations and institution have their procedures and processes for conducting employee investigations, but these steps can help prevent fraud in your business.
Plan the investigation thoroughly.
Even if you want to investigate a particular fraudulent activity, you must ensure that your investigations have a long-term effect in curbing fraud. This is why it is crucial to plan before delving into the investigations. First of all, you have to choose a great team of investigators who are knowledgeable of your state’s laws and have a certain level of integrity, but you must ensure these investigators are on the same page with you and share your goals, methods, and deadlines.
2. Review your records carefully.
You can gather much evidence through workplace or employee investigation interviews. There is also a great deal of hard possible evidence to comb through, such as videos, records, photos, emails, or documents. Take your time to review these documents carefully to arrive at accurate conclusions. You may also review the personal file of the suspect, including their period of unused leave, whether or not they are logging in and out of the company’s accounts at odd hours, and if there have been any declines in their performance. When you take time to gather information and review it carefully, you not only arrive at an accurate conclusion on the case at hand but also open your eyes to see more loopholes so you can modify your processes to avoid the same or similar fraudulent acts.
3. Analyze your evidence accurately.
It is one thing to get evidence during a fraudulent activity investigation and another to analyze them accurately. This is why narrowing your analyses to concrete, specific, authentic, and relevant evidence for the workplace investigation is imperative. Also, you would save time and energy if you learn to separate facts from opinions. Your goal in a fraud investigation is to prove or disprove an allegation, so you must ensure that the evidence you focus on matches the allegations. However, thoroughly analyzing your evidence will help you arrive at an accurate conclusion, which could discourage other employees from fraud.
4. Drawing conclusions & making decisions.
It is imperative to make decisions once you have concluded the investigation. Your decision could involve terminating the contracts of guilty employees, sending them on punitive transfers, or handing them over to law enforcement if their crimes are punishable. Again, such decisions will deter others from indulging in fraudulent activities. By the end of the corporate investigation, you would be able to identify all the weaknesses in your procedures, systems, and policies.
Your business is your livelihood. It’s what you’ve poured your blood, sweat, and tears into establishing. So it can be very devastating to suddenly find out that your accountant has run away with your company’s money. You can actually feel like a rug has been pulled out from under you.
Accountants can steal money for many reasons, including lack of internal control, poor salaries, and obsolete technologies. This is why it’s imperative to always invest in your business by adopting the most appropriate technologies and motivating your workers through attractive salaries and other benefits. Nonetheless, some accountants steal for reasons beyond your control, such as greed. Unfortunately, you can do little or nothing to cure greedy employees.
There are, however, many ways through which accounts can steal money from your business. But then, stealing is mainly made through white-collar crimes like money laundering and embezzlement. Of course, some accountants can also steal huge amounts of money within the business premises. Fortunately, there are steps you can take to get your business back up and running with the help of professionals. Here is what you need to do;
Notify law enforcement authorities.
The first thing to do upon realizing your accountant has run off with your money is to notify the law enforcement authorities of your country. Give them details, including the accountant’s name, how much you think he ran off with, and the last time he was seen within your business premises. This step is crucial as law enforcement would do everything possible to track down the suspect early enough to recover all or part of your money before serving justice.
2. Employ a new accountant
The role of an accountant in every business can never be overemphasized. Accountants play the crucial role of making critical financial decisions by collecting, tracking, and correcting the organization’s financial decisions. So, once you’ve notified authorities, you will need to recruit another competent accountant to take over from the one who ran away with your money. While at it, remember to do a background check on the most eligible candidates before making a final decision. This is to help you not fall into the hands of another white-collar criminal.
Of course, suddenly recruiting an accountant can be difficult and stressful, but it’s essential to getting your business back on track. If you find it too overwhelming to recruit a new accountant, you can hire the services of professional recruiters to help you get a reliable and competent person to fill in the gap.
3. Review your financial records
You also need to review your financial records carefully to ensure all your money is accounted for. A thorough review will help you know exactly how much your ex-accountant must have stolen from you. However, hiring professional auditors for a detailed financial review is advisable. The reason is that professionals will carefully review your business and identify all those areas where your accountant may have stolen from you. Also, professional auditors will give you a better understanding of your financial situation, which will help you make informed decisions on how to sustain your business and prevent it from shutting down.
4.Make changes to your accounting procedures
It also makes sense to modify, update or change your accounting procedures to prevent such problems. Of course, such changes don’t just end with hiring a new accountant, as you could also implement new and more sophisticated accounting software that helps you stay on track with the activities of your accountant. Also, you could make changes to your internal accounting procedures. For example, you could limit access to only authorized personnel in interior areas such as storage areas.
5. Get help from other professionals
Dealing with the aftermath of your accountant running off with your money can be a daunting task. Fortunately, many professionals can help you through this challenging phase. For example, you can hire a lawyer or a professional investigator to cooperate with law enforcement to track and punish the criminal. Also, you could employ another professional accountant to review your financial records, identify areas where you may be vulnerable, and make changes to your accounting procedures. Similarly, you could hire professional business analysts and developers to help identify other business opportunities that could improve your organization’s finances.
Do you have adequate measures in place to protect yourself from the perils of small business fraud, embezzlement, and workplace theft? Far too many businesses don’t realize that the biggest threat to their success is usually standing next to them. In fact, in the world of enterprise, 90% of all significant theft losses come from employees. If that isn’t enough to alarm you, know that those losses lead to more than 30% of business bankruptcies. Investing in preventative measures could represent the best dollar spend you ever make on behalf of your business.
It can feel unnerving to imagine that the biggest threat to any organization usually lurks within, but there are actually numerous rock-solid small business fraud and theft prevention strategies that anyone can roll out fairly simply. Here at Lauth Investigation International, we are proud to provide various large and small business risk assessments, culture audits, employee screening services, and corporate investigations to all in their moments of need. But first, let’s explore what you can do today to protect your business against employees who are anything but team players.
Beef-Up Your On-Site Security Protocols
Sometimes, the physical vulnerabilities of any business are due to a lack of security hardware such as locking doors and CCTV cameras. But at others, they are as simple as managers having gotten sloppy about cash or inventory handling procedures or a lack of strategy when it comes to separation of duties and asset access.
Sometimes, certain employees have become so much a part of the furniture that they are given free rein to ramp up your risks—intentionally or otherwise. Overhauling common practices, policies, and daily procedures can bring such glaring oversights back into view. If in doubt, an expert risk and threat assessment can be the best way to make sure that every security hole is firmly plugged.
Conduct Comprehensive Background Checks When Hiring
Research has revealed that as many as 85% percent of employers have uncovered a lie or misrepresentation on a candidate’s resume. Some of these deceptions will have been illuminated by background checks, but others will have only come to light when the employee in question revealed their true nature—potentially doing substantial damage in the process. The best way to eliminate bad actors from your workplace is to refuse them entry, and choosing to conduct comprehensive background checks is the best way to achieve this.
Be Dutiful About Digital and Financial Safeguards
These days, everything that happens within your business leaves a trail—and that reality can be your greatest asset in mitigating risk or it can be an exposed Achilles tendon. The data that is precious to you—whether trade secrets or customer payment details—should always be indulged with the latest cyber security tools and web safety awareness training.
Meanwhile, access to financial and inventory records should be tightly controlled while every cent on the dollar is accounted for. Make daily deposits and conduct monthly checks to ensure that everything is in order. Access to both assets and the records of them should be need-to-see only, removing temptation from the get-go.
Keep Your Corporate Culture House Clean
If a stranger walked in off the street today and asked your employees how they feel about the place and you as their employer, what do you think they’d say? Corporate culture is a measure of the morale, shared values, and collective goals of any team. When this distinct workplace culture falls into ill health, employees soon stop caring about the wellbeing of the business.
Some may feel empowered or even justified to commit fraud, embezzlement, or workplace theft, while others will simply turn a disinterested blind eye. So, is your corporate culture fighting fit or in need of a trip to the hospital? A Corporate Culture Audit will reveal all of this and more. Hopefully, these pointers will help you make great strides in protecting your business against internal threats. However, if you feel you’d benefit from additional support, the team at Lauth Investigations International has your back. From employee screening to corporate investigations, our full-spectrum and tailored services offer all the resources you need to keep your business thriving. Get in touch today to find out more
