What is Employee Fraud?
Employee fraud is when the employee commits fraud against the company they are working for. During times of economic downturn and uncertainty. there tend to be more cases of employee fraud. As technology continues to change, employees are continually discovering new ways to commit corporate fraud. Luckily, the staff at Elite Investigations is always two steps ahead with corporate surveillance. Listed below are the three most common areas of employee fraud:
- Financial Statements – An employee that works with the company’s books can easily change numbers on their financial statement. The employee can write in excess funds earned, take off expenses and even inflate assets.
- Corruption – Corrupt employees are not expected by employers, yet it happens at companies all of the time.Usually, you would refer to a public figure or politician as being corrupt, but an employee can be just as corrupt. From bribes to employee discounts, these kinds of acts should not be tolerated in the workplace.
- Asset Misappropriation – the most common employee fraud in the workplace is asset misappropriation. This means that an employee can use company resources without their permission. Some common company asset misappropriation includes: taking money from the cash register, writing checks, or borrowing company equipment are all examples of asset misappropriation.
Keep your business safe by ensuring checks and balances- the employee that is processing the payroll should not also be making changes to employee records. If you suspect that an employee may be committing fraud or just to help protect the future of your company and its assets, work with a professional that has corporate investigation experience. At Elite Investigations, we have experienced investigators with the training to catch employees committing fraud in their tracks. Since it is difficulty to monitor your employees 24/7, have an investigator be there to watch your employees when you can’t be there. Contact a corporate surveillance specialist today to protect your business from future employee fraud.