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When it’s Important to Stay in the Know.
Fraud Front and Center: Keeping Your Business Better Protected
International Fraud Awareness Week is going on now, offering organizations and employees the world over the opportunity to place their practices under the microscope, pinpoint potential problem areas and make changes to keep their information on safer footing moving forward. And at BCH, we believe any step toward improved risk management is a step in the right direction.
Read on for a glimpse at startling statistics you should know, insight into useful fraud prevention resources and other information aimed at offering assistance when it matters.
Fraud Has a Big Impact on Small Businesses
The Association of Certified Fraud Examiners (ACFE) estimates that businesses lose 5% of their revenue each year due to fraud, with an average loss of $1.5 million per case. And it typically takes about 14 months before fraud is detected.
Employee Fraud Can Hit Companies Especially Hard
The ACFE notes that more than half of all occupational fraud originated in four main departments: Operations, Accounting, Executive/Upper Management and Sales. Asset misappropriation schemes ranked among the most common, but there are countless ways employees can take advantage of situations.
Anti-Fraud Controls Can Result in Quicker Protection and Lower Losses
The numbers indicate that when team members have proper training in spotting and reporting fraud events, a company comes out better in the long run. And controls ranging from fraud report hotlines, to anti-fraud workplace policies and training for employees and managers have increased across the board over the past 10 years.
You Have a Team in Your Corner
The data surrounding fraud can be more than a bit unnerving, but rest assured BCH is here to help. Our risk management and business insurance pros understand the risks associated with the work you carry out, and are here to help your business remain better protected for the road ahead. Our Risk Management Center and blog posts offer insight into issues affecting you. And of course, you can reach out to us at any time.
