Fraud prevention expert Darryl Swindells has warned that the number of high profile frauds recently being exposed is only the tip of the iceberg, and that many more are occurring but are going unnoticed.
Swindells of HLB Mann Judd Sydney said fraud cases such as Clive Peeters, Speciality Fashion Group and the Australia Post Office are only the beginning and warns no business is immune.
“There are countless frauds taking place, in businesses of all shapes and sizes, that are small enough to go unnoticed,” he said.
According to Swindells, the majority of frauds taking place are cash-related, usually from bank accounts.
“While most organisations believe they have controls in place over payments from bank accounts, often these are not working as well as they should because they have not been checked since they were set up,” he said.
Swindells said that there a number of simple measures that organisations can take to significantly reduce the possibilities of cash frauds which include: ensuring there are controls over payments, having a session with all cheque signatories to remind them of their responsibilities and to talk openly about fraud within the organisation to increase morale and to ensure staff know what is acceptable and what isn’t.
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