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Employment, Fraud

Employee Fraud

Employers are often unsure what to do in the event that they discover an employee fraud. These can range from payroll fraud to false accounting and expense claims and they can have a devastating impact on the employer’s financial stability, reputation and the morale of other employees. It is therefore important that businesses take precautionary measures rather than waiting until a fraud is uncovered. A plan of action to tackle employee fraud should be in place to reduce the impact of such frauds on the business and to maximise the chances of recovering any losses.

There are several components which create the perfect ‘fraud storm’. Firstly, the employee in question is usually subject to pressure or motivation. This could be economical in the form of debts or excessive spending and will usually be kept secret from colleagues or family members. Secondly, the opportunity to commit the fraud either presents itself or can be exploited. Unscrupulous employees will look to commit frauds in departments where there are lax internal controls or an apparent lack of internal reporting structures. Employee fraud also tends to occur where the employee has wide discretion and minimal oversight. Finally, the employee will seek to rationalise their wrongdoing. For example, this could be in response to the employee feeling aggrieved after being overlooked for promotion or where their bonus was less than expected.

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Shaper: Matthew Januszek

Matthew Januszek is Co-Founder of Escape Fitness, a business committed to working with fitness clubs to deliver the best possible exercise experiences. Founded in 1998, Escape Fitness has built a reputation for product innovation, quality and design while growing and competing through great partnerships in multiple markets worldwide. From a garage gym to a global [...]

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Jazz Shapers - 5 days ago

Shaper: Raoul Shah

Raoul Shah is Founder and joint CEO of Exposure, a creative communications agency that joins the dots between brands, culture and consumers.   Founded in 1993, the agency prides itself on long term client relationships (some of which span over 15 years), has won numerous awards (including Cannes Lions & D&AD), and remains one of [...]

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Jazz Shapers - 2 weeks ago