How protected are you from fraudulent activity?
Fraud is intentional and the person committing the fraud has a very clear objective. Small to medium-sized businesses are the most vulnerable and disappointingly, 60% of fraud and economic crime in Australia is committed by someone within or closely associated with the business.
What makes a business susceptible to fraud?
Fraud is a multifaceted crime and it’s estimated to cost small to medium-sized businesses 5% of their revenue annually. Here’s how you could be at risk:
- Password phishing
- Insider scams
- Fake invoices
- Supplier email compromise
- Absence of formal procedure
- Non-segmented accounting duties
- Insufficient training around fraud identification
- Compromised employee trust
- Payroll fraud
- Mismanaged internal controls
- Lack of financial audits
How to secure your business and mitigate exposure
There are many internal controls available that will safeguard your business against fraud. Having the solution tailored specifically to your business and benchmarking yourself against industry leaders will help strengthen your security.
The techniques of fraud are ever-changing and constantly increasing in complexity and sophistication. Unless you’re rigorously optimising your controls and testing your systems, fraudulent activity can still permeate your safeguards.
The best way to protect your business is to partner with a business specialist. The MBA Partnership offers this service and works with clients to ensure their assets stay safe.
We begin our process by completing a ‘Fraud Health Check’ which helps us identify the gaps in your existing fraud management system and allows us to begin the next step: establishing a prevention process.
Let’s not delay securing your business. Contact us today to book your Fraud Health Check.