10 Ways to Prevent Employee Theft and Fraud

Studies show that about ΒΌ or 25% of the loss in the retail business comes from shoplifting, but a surprising 38% loss comes from employee theft. If your business has workers like that, who needs to worry about shoplifters?

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The problem is that too many business owners and even large business managers are too trusting of their employees and therefore don’t take some common sense steps toward deterring employee theft.

There are several red flags that indicate the possibility that an employee may commit fraud. These indicators consist of behaviour patterns that management should be aware of when attempting to detect and prevent fraud in their company.

Fortunately there are some warning signs you can look for to know if your employee may be stealing from your business. The first sign is when your employee change in spending. I f an employee is spending money outside their usual means, be suspicious. It could be a holiday, a new car, property or personal spending. Be aware of changes in spending and put them on an unwritten watch list for consideration.

Another sign is when he or she changes in routine. We wary of routine because it is the predictability of routine in running a retail business which gives people opportunity. You want to eliminate as much opportunity as possible.

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