As the economic downturn continues to bite all businesses and
organisations must remain alert to the potential for fraud.
Entrepreneurial owners of SME’s are a prime
target for fraud as overseeing finances doesn’t always come naturally to them.
If a founder is focusing mainly on the product
or service being sold, and only minimally on administration, it leaves a
business vulnerable to fraud.
It is vital to have systems in place to
monitor all the company’s finances in a clear and concise format. After all it
is never comfortable experience to find that someone is holding your wallet.
However all businesses be they independent or
large corporations are vulnerable Corporate fraud can take many forms such as invoice kickbacks, sales schemes,
bid rigging and the like.
It is an undeniable fact that there will always be people trying a
variety of ways to “scam” your organisation; it is a problem that will not go away so vigilance is the order of the day.
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