Threats at Work and Fraud Investigations
A businessperson can never be all things to all people, or be everywhere at the same time either. The only exception we can think of is a solitary writer on a mountaintop, or a bohemian artist on an isolated Caribbean island. Success almost always breeds the need for people to delegate to, and with this, the risk that they may not be as loyal as we hoped.
The KPMG risk management group quantified Australian losses at places of work. Covert fraud investigations that lead to prosecutions added up to total losses of over a billion dollars over three years. Of course, these were only the tip of the iceberg. Many more thefts were not detected or, if they were, matters were settled out of the reach of media.
Threats at Work: Covert Fraud Investigation Findings
The KPMG report revealed the following breeding grounds of dishonesty in firms:
* Eighty per cent of incidents are insider fraud committed by rank-and-file managers and
subordinates.
* Frauds by managers cost companies more than twice as much as those by other
members of staff.
* The commonest fraud feeds off weak accounting controls and poor capacity to detect them.
* Bribery and corruption only became prominent when Australia tightened up legislation in
this regard.
Fraud Detection in Practice
The greatest fraud threat facing companies is a slack approach to the problem. Employees and managers become familiar with each other and controls slip because they no longer seem necessary in ‘one big happy family’. Many fraudsters remain sleepers for years before they act. They are latent criminals awaiting a precipitating incident in their private lives or at work.
Covert fraud investigations often start by looking for the person with the likely trigger. There may have been conflict at work that left them feeling aggrieved. Something might have happened in their private lives that left them desperate for cash. Their managers and colleagues often cannot see the wood for the trees, and if they do may be embarrassed to take action.
The Role of the Private Investigator
A private investigator such as QLD Covert Investigations enters a client workplace with no preconceptions. We are impartial and neither hot nor cold. If you suspect your bank account or stockroom is being raided please call us on 1300 553 788 right away or email us a message.
We arrive at your premises unobtrusively after reviewing your business records, and begin immediate surveillance. Our operatives have a record of almost always tracking down offenders at work. Fraud investigations are there to help you manage, and cut your losses to the minimum.
