The Association of Certified Fraud Examiners reports that fraud committed by employees against their employer creates approximately $7 billion in losses each year. While it is unlikely for corporate fraud victims to recover these losses, companies can implement measures to better protect themselves. Sunrise Banks recently published an article on how to prevent occupational fraud. In the article, Chris Roane, Senior Manager in Bennett Thrasher’s Dispute Resolution & Forensics practice, explains how small businesses are more susceptible to these cases.
“You see a lot of fraud at smaller companies, which are operating with limited resources, because there aren’t enough people involved to provide the appropriate levels of oversight,” said Roane. “You get individuals wearing multiple hats. It’s impossible to appropriately segregate duties.”
Recommendations for small businesses to consider for protection are shared in the article and include:
- Conducting routine and surprise audits
- Creating a culture that emphasizes the danger fraud poses
- Reconciling your accounts often
- Promoting communication and openness
For the full article, click here.
About Sunrise Banks
At Sunrise Banks, our success relies on the success of the communities we serve. We offer financially inclusive products that aim to better the lives of our clients in the Twin Cities Metro and beyond. We don’t see ourselves as bankers – we see ourselves as a social engine for good. The Sunrise family has been serving the urban core of Minneapolis and St. Paul since 1986, founded by current CEO David Reiling and his father, William.