Is there fraud taking place in your business?

March is Fraud Prevention Month in Canada.

The Canadian Federation of Independent Business conducted a survey late last year and found that one in five small business owners were a victim of fraud in the past 12 months.

The most common types of fraud are fraudulent payments, email scams and directory fraud with the average cost to businesses hit was around $6,200.

On average, small business invests $2,900 on prevention each year and only 56% report the fraud to authorities; citing not much law enforcement can do. Prevention includes items such as: computer security software, paper shredders, alarms, business processes/policies.

While many owners are frustrated with the cost, it really is the stress and time of dealing with this that is the biggest cost to business. Many say employee morale takes a hit and of course the non-productive time it causes.

The RCMP urge any business owner to call the RCMP if they feel they have been defrauded or suspect employees of fraud. Often times, just the appearance of police in your business will deter staff from future incidents.

Why do your staff feel the need? There are two main theories and they touch on; financial pressures at home and the fairness factor in the workplace…I’m not getting paid what I’m worth.

As the leader of your organization what are doing to ensure your employees feel worthy?

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