Theft Prevention by Inventory Management

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Inventory accuracy is perhaps one of the most important safeguards any business owner can have against theft if the business deals with any form of physical goods. How so? Well, when you think of it, customer retention, profitability, and operational productivity are all made possible by a reliable inventory system!

In this day and age, no matter whether you are still relying on manually recorded inventory cards, or have a fully computerized system, or perhaps have a combination of the two…the benefits of inventory accuracy cannot be discounted. Just take a look at the benefits below and think of what a good inventory management can do for your business.

The Benefits of Proper Inventory Management

  1. An accurate record reduces stock-outs by helping you to make the right replenishment decisions.
  2. You and your sales reps will know for sure that what product you promised to send out will be sent out on time and be received on time.
  3. You will save time and your distribution centre will be more productive because you don’t have to waste any effort searching for missing or mistakenly recorded goods.
  4. You will have more cash for opportunistic purchases, capital improvements, and investments because your assets are not tied up in unnecessary inventory.
  5. Last but certainly not the least, a properly managed inventory in your business or warehouse is proven to reduce employee theft!

Wait, how does that work?

When you have everything recorded and in black and white, your employees cannot just take or steal items out of storage without it going by unnoticed. When everything is accounted for, there is less risk of employees committing white collar crime because they know that the likelihood of being found out is quite high.

So how do you go about this?

The When, What, and Where of Cycle Counting

Basically, cycle counting is just a form of inventory management that follows a regular schedule. Here are what you should consider when planning a cycle counting program:

  • WHEN – the best benefit you can get from cycle counting results from how often you do it. The more often or more frequent you take a record of everything, the easier it is to spot discrepancies.
  • WHAT – you do have to prioritize what to count or what to keep tabs on because you cannot track everything at the same time. More often than not, the most frequently stolen items are those that are small enough to fit in a pocket and have a high street value.
  • WHERE – items that are stored in less accessible areas and easily accessible areas of your office or warehouse is more likely to go missing. Why? If no one’s watching, thieves are more likely to go about their business.

Now, by no means are we saying that cycle counting is all you’ll need to prevent theft, but it is certainly one of the best tools you can use to reduce your organization’s vulnerability to thieving. With this said, it is still important to not let your guard down and not to underestimate a thief’s determination to commit fraud or steal from you. Other measures, such as doing background checks on potential new hires and employing other risk management solutions are still advisable.

Need professional help to safeguard your business from thieves and various forms of fraud? Then contact the best private investigators in Toronto! Contact us so we can determine what you need and talk about how we can help you.

Avoid Home Improvement Fraud

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We are around the time of the year when a lot of people are adding some design features in their homes, fixing what’s broken, and perhaps even renovating entire rooms, and hence, we felt the need to write this blog about how you can avoid home improvement fraud.

People often think that fraud only occurs at the office or their place of work but the truth is, whenever and wherever there is an opportunity, fraud is bound to take place – yes, and it often takes just one corrupt contractor to mess up your whole home improvement plan.

As a renter or a home owner, it is often the case that there would be things that needs fixing around your place, so what you do is find a residential contractor. You see, most contractors would require some down payment, more so for pricey projects. In here lies one of the red flags with which you can avoid home improvement fraud if you know what to look for.

Seeing the Red Flag

The contractor will ask for a down payment in the form of credit card, check, or cash and below is why you have to be careful.

Cash – Down payments in cash is often held as a red flag when dealing with a residential contractor, but why? Being low on cash can mean that the contractor may be having problems handling the finances of the business.

The contractor having some financial difficulties is not necessarily a problem on its own, but it is human nature to seek the easy way out when dealt with a predicament. If that contractor is in serious debt or need of cash, your money may be used by the contractor for personal needs instead of your home improvement project. Another issue with cash is that it may be difficult to prove later on that you’ve made some payment, as an improperly completed receipt is not considered to be an adequate legal proof of having a transaction.

Checks – Checks leave a paper trail, so it is a lot safer to use than cash. Checks are also easy to track and control.

Credit cards – This option would be the safest and easiest way to handle home improvement payments. It is easy to track and control like the check, but is a bit easier and more convenient to use.

These days, all you have to do is to hand over your credit card to the contractor for it to be scanned using a handheld scanner and that’s it! Everything is recorded by the bank or banks you both are using. So if there is a need to prove any payment made at a later date, you can easily access the records through your own account. In case of fraud, there is also a higher probability of you being able to retrieve your money if you paid via a credit card.

Now that you know how to avoid home improvement fraud by checking out a contractor’s payment methods and not falling victim to the down payment scam, you might also want to take extra precautions for bigger projects. You may hire a project manager if you’re super busy or at least make sure that you’ve done some background check on all individual contractors and firms you’re considering for your home improvement project before making a final decision.

Need any help getting some information on a company or individual? Want to make sure that their business is legit and that they are trustworthy? Then contact the best private investigators in Toronto! Give us a call and we’ll surely get back to you as soon as we can. It does pay to be extra careful!

Alerts VS Alarms in Fraud Detection and Loss Prevention

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Most companies we’ve spoken to wanted to have some sort of an alarm system that would let them know when their fraud control measures have detected fraudulent activity. Although that sounds great, we often tell clients that what they would truly want are alerts and not alarms.

But why?

Here’s our thoughts on this: When it comes to loss prevention, you would want to catch any possible activity that amounts to a loss before the actual loss happens. Sure, catching something after the fact is great as well, but why wait for an actual loss to happen before acting on it?

Alert VS. Alarms

On our previous blogs about fraud prevention and detection, we’ve talked about how the nature of fraud and how it is an ever-present risk for any organization big and small. Try as we all can, there is no 100% guarantee that any organization can become fully fraud-free. That is a fact.

So what we can do about this?

What we can do is to minimize possible loses from fraud by detecting it as early as possible through various measures. There’s data analytics for fraud control, frequent and aptly designed internal audit practices, having whistle-blower programs, and many more. Question is, which ones are better? Should you go for measures that alert you of possible fraud or measures that sets the alarm bells of fraud ringing?

Why You Need Alerts

We are not talking of setting anything that will make your employees fear of being suspected of fraud if they are to do anything that would trigger an alert. This is far from that. We’re just saying that there is more value (and more money) saved by going for fraud control measures that triggers an alert rather than an alarm.

Why so?

As we’ve said earlier, preventing loss due to fraud is a lot easier and cheaper than trying to recover loss after fraud has already occurred. But this isn’t just about that as well. There is more to going for alerts rather than alarms and the results are quite surprising!

Do you know that by going for actions that alert you of fraud, you will save up on company resources? There are also studies that suggests an increase in personnel performance after these measures has been set in place. Whoa! What? This is because alerts are not only a means to control loss but are also a means to measure performance; and hence can encourage personnel to be better at what they do.

Here are 5 specific alert features that have been found to improve employee performance

  • Store security visits
  • Statistical snapshot
  • Mystery shops
  • Short-form key performance indicators
  • Employee relations

The 5 alert features above may work or not depending on your organization type, but for the most part, they are time-efficient, cheap to use (and analyze), and can be tweaked according to your business-type. What’s more is that they can be built into a simple computer file to help you with organizing everything. This way, you can be more pro-active with protecting your company as well as gathering data about it for future use. Remember, the key to the best loss prevention practices is all about getting valuable information as quick as possible. That’s what alerts are for!

Need some help in starting a fraud-alert program? Then contact the best private investigators in Toronto! One of the services we offer is all about effective fraud prevention and detection. Talk to us and let us help you kick fraud to the curb!

 

 

The Hard Truths about Managing Fraud

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Organizational fraud is everywhere, and it is costing businesses trillions of dollars in annual loses. As we’ve mentioned before, fraud can and does occur at all levels and at all types of organizations. Fraudsters are everywhere! They occupy all rungs of the organization ladder and are always finding ways to steal from their organization to enrich themselves. Why would you place your organization at a financial peril when there are ways that you can minimize or dismiss fraud?

The Backgrounder on Fraud

For every fraudster there is, there is an underlying need, a rationale, and an opportunity. Situations such as financial pressures, addictions, or family troubles can turn even the most trustworthy individuals into conniving thieves. It is just human nature and everyone is susceptible to it. Question is, will you let yourself fall victim to this?

Managing Fraud

Though it is true that fraud exists in every nook and cranny of all organizations, there is no need to see fraud prevention as an exercise in futility. Fraud, just like any other not-so-palatable things in this world is manageable (yes, just like any other risks!) and how you approach it will determine whether you’ll fall victim to it or be a victor.

But how?

It truly is all about risk management!

When you know the sources of the risks, what you stand to lose with those risks, and the what tactics you can use to minimize those risks, you’ll be in good hands, especially if you do the following actions:

Identify Fraud Opportunities

Fraudsters will tend to go for the biggest opportunities for committing fraud. This means that employees involved in financial operations and the like have a higher probability of committing fraud. Another factor is the position in the organization, since higher loses results if someone with a higher position commits fraud.

Work with Everyone

You’ll need all the help that you can get to detect fraud, and that involves help from possible whistleblowers. Having a great whistleblower program that protects the tipper from retaliation can be one of the best tools for fraud prevention.

A well-designed whistleblower program goes a long way in fraud detection and prevention. It helps facilitate an anti-fraud culture that eradicates fraudsters and favours the organization.

Periodically Tweak Your Process        

Because of the pressures of cyber-automation and globalization, organizations are evolving at a very fast rate these days as compared to just a few years ago. This means that the fraud-control measures that your organization installed a few months or a few years ago may now be obsolete.

Don’t forget that technology is continually evolving and that with changes comes new ways to exploit any weakness in your process. This is why it is of utmost importance to revisit your anti-fraud policies (on a yearly basis at the very least) to evaluate if they are still at par with what’s needed to keep loses at a minimum if fraud should occur.

Fraud is never going to go away, but you can minimize your losses to near zero by protecting yourself and understanding the hard truths about managing fraud. Want to know more about how you can do this? Then contact us and experience how it is to have the best private investigators in Toronto on your team!

Data Analytics for Fraud Control?

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Isn’t it amazing that we now live in a world where everything can be recorded, stored and analyzed? Everything that we do in the organizations we are a part of can be used in detecting fraud and stopping it in its tracks!

Using Data Analytics Software

Are you aware that by using data analytics software, companies can scan their internal data and look for analogous patterns in a span of minutes? With this technology, reducing the cost of fraud and detecting it is made a lot easier, cheaper, and more efficient.

What’s really surprising is the fact that a huge percentage of the largest companies have no data analysis program at all. They are not taking advantage of the available resources for monitoring data, thereby leaving themselves more vulnerable to fraud. This may be because some organizations believe that fraud cannot happen to them, but again, they are wrong.

The lessons in occupational fraud and fraud control has taught us that even the nicest of people only needs a reason to commit fraud and given an opportunity, they would go for it, making now to be the best time to initiate or at least look into fraud prevention options, such as data analytics.

The Future of Fraud Control

In 2009, the professional standards for fraud detection and prevention for auditors was updated, and that was done as a response to the ever changing technological advancements that we are having. These days, both examiners and fraudsters are equipped with technological tools, meaning that the only way to beat fraudsters is to be one step ahead of them. That’s where data analytics comes in for fraud control. Let’s just say that data analytics is the modern survival strategy for tech-savvy companies.

But what really can companies get out of data analytics for it to be hailed as today’s key component in combating fraud? Nowadays, data is exponentially increasing on a daily basis, making ad hoc analyses and sampling as sort of obsolete as far as solutions goes. A great data analytic software can be used to monitor whatever amount of data efficiently, be it in a continuous basis or routine basis. This means that it is more effective in isolating and identifying patterns that can indicate fraud. Imagine having your daily data capturing and analyzation done near effortlessly with automation; wouldn’t that be fantastic?

Here’s another benefit of using data analytics software: Clever fraudsters will find ways to subvert internal audit controls, no matter how good those controls are; however, data analytics can detect the slightest deviation from normal and alert you as soon as it happens. It can even be set-up in such a way that it would watch the internal controls itself!

Thinking of a cost-effective way to combat fraud? Here’s your answer! It is only a matter of time before everything goes digital. The only guaranteed thing when it comes to data these days is the fact that it will continue to evolve, and be more digitized. The beauty of this is that once all your data has been organized, it will be much easier to detect patterns of fraud at a very low cost. Bonus part? You can get reports on demand too!

Looking for ways to use data analytics as a smart move to combat fraud? Then contact us and allow us to walk you through it. We’re not just private investigators, we’re fraud busters!

7 Internal Audit Practices for Effective Fraud Control

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Some would say that internal audits is just another one of those ‘useless’ things every organization is supposed to do, but the truth is, conducting internal audits is an essential tool for fraud control!

In fact, companies have a lot to gain by having a sound internal audit system. With the prevalence of organizational fraud getting higher as new technologies give rise to more opportunities to commit fraud, the more it is of immediate need to have an internal audit program!

Now, we are not discounting external audits, but having to hire a separate organization to audit yours means that you are on the losing side of the fraud battle.

How so?

External audits are often scheduled and this means that the smart fraudsters would have more time to cover their tracks. Having a well-structured system for internal audit means possible mitigating the effects of fraud if it is caught and stopped soon enough.

So what standards must an internal auditing system have? What practices must it employ to maximize results and curb fraud in your organization? There’s a lot! But we can start with our magic 7 list of best practices below:

The internal audit should be an independent function.

It should not be under any department of the organization, especially not under accounting and finance where the majority of fraud cases usually happens.

The internal audit should report only to the highest authority possible.

Having the auditing committee report under a supervisor, manager, a CFO, or a CEO only creates more chances for vital information to be altered before it reaches the right person or persons.

The internal auditors need to be properly trained and have appropriate resources to conduct their function.

Every company is different and thus, the auditors have to be well-trained and very knowledgeable about the company’s operations. How would they know if a process was carried out correctly when they have no idea about the process in the first place, right?

There should be a Board-approved audit plan.

Organizations tend to have different departments or units, and the audit plan has to address all these. It would be best if the audit plan was approved by the Board and adjusted if needed.

The top management should promptly review audit reports.

We’ve mentioned in one of our earlier fraud prevention articles that timing is of utmost importance in preventing and stopping fraud in its tracks. Properly timed corrective actions needs to be taken by the upper management. There should also be clear timeframes and measurable outcomes for actions taken.

Internal controls should work hand in hand with internal audit systems.

Reports, red flags, and the like all have to be properly documented and caught early on to make sure that possible frauds are dealt with.

Controls should also be audited.

Testing of controls on a frequent basis helps with keeping them sharp and in-line with your fraud control objectives. Need we say more?

Remember that internal audits needs to be manned by people with the right skills and access to resources that they will need to combat fraud. There should be proper documentation processes in place and they should be independent enough to not be influenced by any departments.

Want more fraud control advice? Then contact us and we can discuss with you the specific fraud control measures you can take for your organization. In this age of higher prevalence of occupational fraud, you’ll need the premier private investigators in Toronto on your side!

 

Are We in A Culture of Occupational Fraud Risk?

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Haven’t you wondered why cases of occupational fraud seems to be on the rise these days? What changed and how will this change affect the future of today’s organizations?

Controversial or Timely Topic?

It is unfortunate that many people believe that the risks from human capital are getting stronger these days. With the increasing incidence of occupational fraud as seen in graphic representation of discovered cases, it does seem that our culture of freedom (as compared to a few decades ago) is being too permissive to the point that people seem to be having less restraint and personal honesty. Sociologists has been calling this as a decline in social control and yes, it does affect how employers hire. In fact, this changes how anyone can find good people for open positions.

Employee theft and shoplifting is on the rise, and the trend is not local; it is international. Analysts from across the globe names poor economy as the primary factor for this, although the big fishes of occupational fraud are almost always the people who have no need for the extra cash. Another culprit analysts and sociologists are pointing at is that workers are helping themselves to the organization’s assets to bridge the gap between desires and income. Left and right, people are bombarded with what they must buy, what they must have, and what they must look like, but is this really all?

Dishonesty Everywhere

Hayes International President Mark Doyle says that every nation has more dishonest people these days, citing sports figures, church leaders, celebrities, politicians, and people working for the government who are making the news for getting caught in questionable activities as supporting evidence. It is when people see these personas who they look up to doing dishonest acts that it makes it easier for them to rationalize doing the same. After all, it isn’t so bad if someone ‘cool’ is doing it, right?

We’ve all heard instances of famous and/or wealthy people being found guilty of fraud. When their acts come to light, it makes it much easier for less affluent folks to commit the same; perhaps thinking that it isn’t wrong when it is a ‘trend’.

How to Change This New ‘Culture’

So many measures are already in place to prevent people from following suit and engaging in fraudulent behavior. You can always file a case and have the court of law decide, but that isn’t always the most economical way to deal with occupational fraud.

As someone who heads an organization, you have to realize that you are at the frontlines of these changes regarding occupational fraud. Fraud is never okay and shouldn’t be treated as such.

If you’re wondering what you can do in your organization, you can combat this culture of fraud by cultivating a positive corporate culture that rewards people for their honesty and good work. Lead by example and start a proactive risk management strategy. It all starts with you!

Want to know more how to make your organization fraud free? Contact us and we’ll help you with preventing occupational fraud plus share some of our fraud-busting strategies with you!

Must Have Components of a Fraud Risk Prevention Program

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What are the must haves of a sound fraud risk prevention program? This question is often asked from us by our clients and small wonder why. Every organization needs one!

Just keep in mind though – a fraud risk prevention program needs to be carefully engineered for it to be of real use for the organization. No one needs a faulty fraud risk management program, right?

Fraud Prevention General Principles

Only the factors affecting fraud varies across various organizations, the risk stays the same since every business is vulnerable to fraud.

One of the general principles in fraud prevention is to assign the responsibility to a manager or a team of managers. What this does is that ensures that all sorts of activities within the organization will be assessed or evaluated for fraud risks. This is the initial step so to speak, and one that will determine the effectiveness of your fraud prevention program.

What’s next?

It’s all about communication! Once you’ve got a fraud prevention program, it is of utmost importance that this should be communicated to every member of your organization. This means e-v-e-r-y-o-n-e, from the mailroom to top level.

Fraud is a hidden risk, and it will remain that way. What you will be accomplishing by having a fraud prevention program is that you’ll be able to minimize your organization’s risk as well as have some solid steps to follow if someone discovers fraud. In case the program was not able to fully deter any fraud from happening, it should encourage whistleblowers to report occurrences of fraud.

Fraud Prevention Controls

By no means is this list meant to be a complete guideline, but this should give you an idea about what measures you should have in place to minimize the possibility of fraud.

Background Screening

Often thought of as a process only necessary for new hires, background screening should also cover those who are being considered for important positions or potential business partners; yes, even third party ones.

Anti-Fraud Training

Information dissemination about the fraud policies of your organization should be integrated into this.

Performance Evaluation

Even trustworthy individuals might get tempted to commit fraud. People who are in incentive-based positions and those who have been passed over for promotions are high-risk and hence, a fair, correct, and transparent performance evaluation is much needed.

Exit Interviews

Those who leave the company may have information which may help in fraud detection.

Segregated Allocation of Duties

Minimizing monopoly in any area is a must.

Access and Authority

Same as above.

Transaction Controls

Any suspicious activity must be reported.

Auditing

This helps a lot in terms of fraud prevention and detection, more so if you conduct both external and internal audits.

Proper Documentation

Ignoring how important documentation is in fraud prevention and detection, its use in instances where a case may be filed cannot be discounted. For organizations with crime or fidelity insurance, proper documentation is priceless!

Fraud investigation and prevention is one of the key parts of every company’s risk management plan and management process. For more information on designing an effective fraud prevention program, contact us and let the best private investigators in Toronto take care of that.

Fraud Investigations and Seeing the Bigger Picture

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With our years of experience in investigating cases of occupational fraud, we’ve proven that it is often the case that a suspected perpetrator of fraud is indeed guilty. After all, there won’t be any smoke if there isn’t fire, right?

It’s not just that, but for a huge percentage of the cases we’ve handled at Haywood Hunt, fraud generally occurs in more than one aspect of a person’s life. Now, this is certainly a matter of concern in fraud investigations.

But why?

Smoke and Fire

If someone is proven to be have committed some form of fraud, it often extends to other work areas as well. For instance, do you think that your employee who got caught tinkering with his or her timecard is only stealing from the organization by fiddling with his or her recorded time? It could be much, much worse. In most cases, proving someone has committed some fraud is like hitting the tip of the iceberg and then unearthing a mammoth after a thorough investigation.

Seeing the Bigger Picture

As fraud investigators, we often treat our initial investigation as an opportunity to have a deeper understanding of the perpetrator for two main purposes, namely:

  1. The person’s motivating factor, and
  2. To see if the deviant behavior or fraud extends to other areas which may or may or may not be related to the case.

As we’ve touched upon on our blog about The Fraud Triangle and occupational fraud prevention, people who are considered ‘nice’ and ‘good’; are capable of committing fraud and excusing their actions in their heads as somewhat normal and acceptable. How so? When someone is pressured in such a way that they perceive doing something is the only way out of whatever predicament they are in, you’d be surprised at what things someone can do without batting an eyelash!

Desperate Times Calls for Desperate Measures

A person with some fraud red flags is more likely to be doing the same in other areas of his or her life. In one of the cases we’ve handled, we were asked to investigate an employee who was proven to be stealing small items from his employer. Now, this is just a petty thing, right? But look at what we’ve uncovered upon further investigation. We found out that this person is managing and running his own business while clocked in and being paid by the company. We’re not saying that an employee having his or her own business is wrong, but working on your business while clocked in at your job is considered to be a form of stealing and yes, it is fraud!

The example above is not that extreme, but if someone is abusing the company’s resources (by stealing company time), there is a possibility that person could be engaged in other forms of fraud such as stealing office supplies, diverting company funds, potential internet abuse, and even potential corporate espionage!

That’s where we come in at Haywood Hunt. We try to see the big picture for you so you need not worry about the small things. If you suspect someone in your organization is committing some form of fraud or that you’re a victim of white collar crime, contact us and we’ll take care of examining the bigger picture. That’s what we call effective and truly thorough fraud investigation!

 

Understanding Why Fraud Occurs – The Fraud Triangle

 

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It is often a baffling question how fraud can happen in your organization; and if you’re asking this question, you’re one of the thousands of executives, managers, and business owners who want to find out how and why fraud happens. So how does fraud happen? What contributes to it? What are the signs it could be happening in your organization?

Understand Why Fraud Occurs

There are many reasons for fraud and a lot of factors can contribute to companies and systems being repeat victims of it. What you need to do is to understand these factors so that you can prevent occupational fraud from occurring at your workplace. After all, 5% of your total revenue could be going straight to the pockets of fraudsters!

The above goes to show that you must spare no effort in trying to minimize the risk of fraud and understanding the factors related to it. That’s fraud risk management in a nutshell, and you should take steps to address this matter as soon as you can. So, let’s talk about the Fraud Triangle.

The Fraud Triangle

Developed by the well-known criminologist Donald R. Cressey, The Fraud Triangle helps us understand the rationales and circumstances behind instances of occupational fraud. The triangle is composed of the following:

1 – Opportunity

Nothing would happen if not presented with an opportunity. In fact, normally honest individuals can be seduced to commit fraud if there is an opportunity.

Fraudsters take advantage of weak internal controls, low likelihood of detection, poor security, and lack of clear policy enforcement to abuse or use their position of trust to get some personal gain. All it takes is one weak moment and opportunity!

2 – Motivation or Incentive

Greed and need are the most common motivations for committing fraud. The temptation becomes too great when an opportunity presents itself as well. If pressured, an individual may commit fraud to cover needs to:

  • Pay bills
  • Sustain an addition (such as gambling or drugs)
  • Meet productivity targets in one’s work
  • Afford a better lifestyle and purchase status symbols such as bigger houses and better cars

3 – Rationalization or Attitude

Yes, even ‘nice’ people can commit fraud! It all boils down to what they tell themselves to be able to excuse such as act as ‘acceptable’. Believe it or not, some very righteous individuals possesses a character, attitude, and set of ethical values that allows them to commit dishonest acts intentionally.

Fraudsters often have a very normal view of themselves and do not consider their actions as wrong, or even bordering on criminal. It is often the case that employees who steal from the company rationalize their acts by reasons such as not getting promoted, not getting a raise, feeling that they are being paid too little, or thinking that their employer ‘deserves’ to  be fleeced. It is human nature to try to get as much as one can get and sadly, fraud results from that.

Now that you understand what The Fraud Triangle is, let this be one of your must-learn lessons in fraud prevention and occupational fraud. Society is vulnerable to white collar crime such as occupational fraud because of inadequate knowledge about how and why it occurs. It’s a great thing you’ve stumbled upon this fraud prevention blog article from one of the best private investigator teams in Toronto to help you along! Contact us and we’ll be glad to explain fraud prevention and detection further to you!

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