Is your business susceptible to fraud?

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Is your business susceptible to fraud?  

Sadly, the answer is…absolutely. 

Statistics show that:

  • Two thirds of small businesses fall victim to employee theft (National Federation of Independent Business)
  • Businesses on average lose 5% of their gross revenue each year to employee fraud (Association of Certified Fraud Examiners)
  • 51% of businesses have uncovered more fraud than usual since the onset of the pandemic (Association of Certified Fraud Examiners)
  • 66% of businesses have faced a cyber-attack in the past 12 months (Ponemon Institute)
  • 55,000 devices are compromised by ransomware each month globally (Ponemon Institute)

Most fraud is committed by someone within or close to the business.

Employees are one of your business’s most valuable assets, however their dishonesty can be costly.  A single thief can ruin a company’s finances, shatter morale, and erase months of hard work.

Businesses also face external threats from unknown third parties.

The techniques used today by scammers to compromise your security are ever changing and are becoming increasingly sophisticated and complex.  Security breaches from email systems are generally the biggest risk of fraud for businesses.

Cyber-attacks in Australia have actually doubled over the past 12 months.

You can better protect your business and your assets by simply working with your accountant and an IT security specialist.  The MBA Partnership together with Digital 02 can help safeguard your business and assets against fraud.

We will review your internal controls to identify any weaknesses and work with you to:

  • Strengthen systems and processes
  • Develop simple and easy to implement improvements to strengthen your protection

Would you like to safeguard yourself from potential fraud? Enter your details below and one of our team members will contact you.

 

 

All material contained in this article is written by way of general comment. No material should be accepted as authoritative advice and if you wish to act upon the material in this article you should first contact The MBA Partnership Pty Ltd for properly considered professional advice which will take into account your own specific conditions. No responsibility is accepted for any action taken without advice by readers of the material in this article.
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