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Are you risking payroll fraud? These four signs will tell you

by , 17 October 2014
Research done by Alexander Forbes indicates that payroll fraud costs South African businesses more than cash-in-transit heists.

And according to Yolande SchoĆ¼ltz, the Risk & Fraud Management Division manager at Sage VIP Payroll & HR, the growing number of clients asking for help with forensic investigations after falling prey to payroll fraud suggests this crime is on the rise.

But is your business at risk of becoming a victim?

Keep reading as we reveal to you the four signs that may indicate your business is at risk so you can take steps to remedy the situation.

 
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Four signs that will tell you whether or not your business is at risk of becoming a victim of payroll fraud

 
According to Schoültz, payroll fraud happens in various ways. For example, a corrupt payroll manager could pay herself through a ghost employee. Another common scam sees the fraudster adjust overtime or leave for other employees in exchange for a kickback.
 
She says there are four signs that may indicate your business is at risk of becoming a victim of payroll fraud:
 
  1. There's only one person with access to the payroll system and the ability to use it.
 
  1. The person responsible for the payroll never seems to want to take leave. This may indicate that he or she has something to hide.
 
  1. He or she is at work earlier and leaves later than anyone else in the business. This could indicate the person does fraudulent business when there's no one else in the office.
 
  1. He or she is eager to work from home, out of sight.
 
If you spot these signs in your business, it may be worth your while to investigate just to see that everything is above board.
 
We recommend you check out this article as it contains three smart ways to eliminate payroll fraud in your company. Alternatively, get your hands on the Practical Accountancy Loose Leaf Service for more tips and tricks to ensure payroll fraud never becomes a problem in your business.

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