Protect Your Business From Fraud

by Kimberly Hegeman
Created: January 16, 2013

Take measures to prevent fraud – especially employee fraud – from derailing your construction business

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Using secure passwords, locking your computer and locking away company checkbooks are just some of the ways to protect your construction business from outsider or employee fraud.
Using secure passwords, locking your computer and locking away company checkbooks are just some of the ways to protect your construction business from outsider or employee fraud.

9. Is there open access to company checkbooks? “In 2012, 85 percent of organizations experienced actual or attempted check fraud, according to the Association for Financial Professionals’ latest fraud survey. Having company checkbooks out in the open leaves your bank account information visible and increases the risk of check theft. Always lock up any checkbooks.”

2012 Association for Financial Professionals' Payments Fraud and Control Survey

10. Does your company have on-site collections? “Outsourcing collections mitigates the risks that emerge when receivables checks are lying around the office.”

Gifas offers one last piece of advice: “Walking employees through scenarios and conducting training around fraud threats can help to minimize the headaches and real financial losses that happen when fraud occurs.”