The SME sector are statistically the most vulnerable sector from fraud and less than 1 in 5 have conducted a fraud risk assessment and even less have considered the financial, reputational, moral and morale risk of dishonest employees in their business. This risk from dishonesty by employees is likely to be increased as we come out of the pandemic as the working environment has changed.
Within your business does anyone have responsibility for looking and reviewing the risk to your business or is your business like so many others that only considers the risk once the dishonesty occurs?
In this months newsletter we will look specifically to the SME sector; a risk that is regardless of the industry sector, regardless of the turnover, regardless of the number of employees, regardless of the geographical location. Remember it is not just criminal dishonesty but also civil, contractual or discipline based dishonesty.
Watch the video below, then get in touch to book your COVID-safe seminar / webinar.
Learn From Me
IT’S TIME TO ACT
SMEs are often the most vulnerable to employee theft and fraud. Find out why in my latest article, and then take a look at this case study to see how we managed to stop a dishonest employee stealing product worth £26,000.
But Don’t Just Take My Word For It…
I was pleased to discover that you are presenting to business, particularly to Board and Senior Management based around theft, fraud & dishonest employees with a view to them understanding their vulnerability and the impact this could have on finances on a business and the reputation. my team are discovering there is a terrible lack of understanding by SMEs in relation to this area and crucial staff just dont understand how businesses and individuals within them are so vulnerable. I have heard you present on many occasions and you are consistently knowledgeable, professional and fascinating to listen to.
Glenn Wicks, Deputy Chief Investigation Officer, Insolvency Service
People often tell me they would make good investigator because they are observant and patient. A board member of one of the investigators associations has expressed this view: academic qualifications are not necessary; patience common sense and tenacity are the important qualities. I once employed my elderly aunt simply because she was very thorough and she didnt look like a detective.
This paints the picture of an industry where even the supposed leaders adopt a hap hazard approach. It seems like many investigators are doing their best to maintain the typical television portrayal of a private eye and the truth is, there is nothing to stop them. The investigation industry is still currently unregulated by the Security Industry Act 2003, still allowing for substandard investigators in the industry. It is past time for a change.
Watch the video above to understand the risk of hiring uninsured PIs, then get in touch to book your COVID-safe seminar / webinar:
Fraud and Scam Alert // In The Press
Fraud can be committed in a variety of ways, from falsely obtaining monies via procurement, supplier, customer, ghost workers, expenses and a large range of other fraud activities, including identity fraud. Both the tangible or intangible removal of finances and assets from an organisation are considered fraud. Can you be sure that your employees arent acting fraudulently?
Financial institutions experiencing jump in new pandemic-related threats
South east has second highest number of frauds in the UK
Covid fraud: £2.5 billion stolen as gangs exploit pandemic
Scam texts are being sent to customers pretending to be supermarkets
Businesses and organisations close their eyes to the reality of dishonest employees. You may not even know that elements of dishonesty exist within your organisation. Thats why Ive put together a series of webinars about the insider threat what it is, and more importantly, what you can do about it. You can view all four webinars from the link below.
It is important to understand not only your own vulnerabilities when it comes to dishonest employees, but also the quality of the investigator youve brought in to fix the issue.
Please share this newsletter with any relevant associations, trade bodies, charities or businesses – it’s time for everyone to act on fighting dishonest employees.