Prevent Crime in the Workplace

Top 4 Strategies to Prevent Crime in the Workplace

Any organization can fall victim to theft of cash, assets, merchandise or other property when someone perpetrates fraud, embezzlement, forgery, misrepresentation, robbery or any other type of business-related crime on the company.  Here are the top 4 strategies to prevent crime in the workplace:

1. Internal Controls

• Reconcile bank account statements monthly.
• Require countersignature on checks over a specified limit.
• Immediately stamp all incoming checks “for deposit only”.
• Conduct physical inventory annually.
• Keep all inventory records computerized.

2. Funds Transfer Controls

• Put in a software security system to detect fraudulent computer usage by employees and outsiders.
• Change passwords and access codes at regular intervals and upon termination of users.
• Electronic fund transfer verifications should be sent to an employee that is separate from the individual that initiated the transfer.

3. Physical Controls

• Implement a fraud policy for business best practice.
• Set up a confidential hotline for employees to report violations.
• Install a premises alarm system.
• Screen employees for prior employment verification, drug testing, education verification, credit history and criminal history.

4. Social Engineering Controls

• Initiate a procedure to verify the authenticity of any payment or funds transfer made by an internal company source.
• Use a call back procedure for any wire transfer requests for individuals outside the organization to confirm the request was not fraudulent, and to prevent funds from being transferred into a fraudulent account.

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