Investing fraud prevention is worth the money and trouble for any business, be it small or big. Preventing fraud is always great in theory, but a lot of people only look at the hard dollars fraud prevention recovers. Instead, you should look at the bigger picture: fraud takes a toll on your company culture, which is not only a priceless item, but also something that can heavily impact your company’s performance.
Fraud impacts your company morale. There will always be one bad apple in a good bunch,and there will also always be the second apple that will try to get away with fraud because they have seen the first bad apple get away with it too many times before.
There are people who may be trying to defraud your company because you are not following up with basic fraud prevention measures. The rest of the organization likely sees fraud happening, but chances are it feels uncomfortable or conflicted about saying anything. What if it your manager or the executive leadership defrauding your company? For this reason alone, investing in fraud prevention is worth the money because it potentially recovers money already lost, and prevents future losses.
Fraud is less about financial loss to your company. After all, the amount stolen endsup being a small portion of your company’s total spend. Instead, fraud prevention is about positively impacting the 99 percent who are not doing it. Employees may view the fraud and think, “if fraud is okay, what other corners can we cut? Where else can we cheat?”
With that kind of thinking from your employees, you can end up with a sub-parproduct offering or level of customer service to your clients. You want your employees to feel that you keep your promises. Upholding values and keeping promises are a few of the most basic tenets of creating a happy company. And as we all know, happy companies are profitable ones.
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