Employee fraud is a major problem faced by organisations of all types, sizes, locations and industries. While employers would all like to believe that their employees are loyal and working for the benefit of the organisation – and majority of them probably are – there are still many reasons why some employees may commit fraud and several ways in which they might do it.
Recent surveys confirm that internal fraud is growing and threatens overall company profitability and company policies need to be implemented to prevent this from happening.
Prevention and detection are crucial to reducing this loss. Every organisation should have a plan in place as preventing fraud is much easier than recovering your losses after a fraud has been committed. There are ways companies can minimise fraud occurrences and this can be done by implementing different procedures and controls.
Awareness affects all employees. Everyone within the organisation should be aware of the fraud risk policy, including types of fraud and the consequences associated with them. ZKTeco offers clients a range of products that can be integrated and give a full security platform to the users. Fraud prevention using various technology devices and biometrics can help organisations to spot disloyal employees easily. The visibility of these devices acts as one of the best deterrents to fraudulent behaviour. It is important for companies or organisations to continuously monitor and update their fraud detection strategies to ensure they are effective.
With the ZKBioSecurity platform linking external information with internal data, fraud has never been so easy to monitor. Such a platform enables organisations to collect data effectively and offers results of your fraud detection plans that enhance your prevention controls. It is important to document your fraud detection strategies including the individuals or teams responsible for each task, therefore ZKBioSecurity offers clients a full system in monitoring and collecting data.
Once such a detailed fraud detection plan has been put in place together with the various technology devices that will not only enhance the look and feel of your office space, you will have the security you need, and can make all employees aware of the plan and implementation thereof. Knowing the company is watching and will take disciplinary action can hinder employees’ plans to commit fraud.
Those who are willing to commit fraud do not discriminate. It can happen in large or small companies across various industries and geographic locations. Occupational fraud can result in huge financial loss, legal costs, and ruined reputations that can ultimately lead to the downfall of an organisation. Having a proper security system made up of various devices which communicate easily to a software which offers full monitoring and data collection in place can significantly prevent fraudulent activities from occurring or cut losses if a fraud has already occurred. The cost of trying to prevent fraud is less expensive to a business than the cost of the fraud itself.
For more information, contact ZKTeco (SA), +27 (0)12 259 1047, [email protected], www.zkteco.co.za
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