According to recent statistics, financial fraud is on a significant upswing. Last year, 82% of businesses in the United States suffered an instance of fraud, and 50% of those businesses lost money as a result. In fact, if the business of fraud were a country it would be the fifth largest country in the world, following only the GDP of the United States, China, Japan and Germany. And smaller businesses with fewer than 100 employees generally suffer the largest monetary losses, often due to a lack of established systems and controls to detect, uncover and prevent fraud.
Access the Webinar Now: Fraud Mitigation in the Grain Industry
Fraud experts use what is called the "Fraud Triangle Theory" to explain what tempts an employee to turn to fraud.
“Humans are the weakest link in the payment chain” is an important phrase to remember. Your employees want to be helpful and help solve problems, and fraudsters take advantage of that generosity. So consistently communicate to your employees that if they see something, say something. It has been shown that taking a precaution as simple as setting up a confidential Fraud Hotline can reduce monetary losses by up to 50%.
When it comes to fraud, every minute counts, and the more we talk about it the better. When you do talk openly and frequently about fraud, even the most difficult situation can have a positive outcome.
To this end, White Commercial and CoBank have put together a Fraud Mitigation Webinar and Best Practices Checklist to give you and your company practical insight into the fraud prevention measures that you can begin taking today to add security to your company’s daily routines and practices. Use this link to view the on-demand webinar and get instant access to the best practices checklist.
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