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Is the biggest culprit of business fraud hiding in your company?

by , 28 July 2014
We've all heard about businesses who've lost thousands to online fraud. This is why you have several passwords for your business Internet banking and you never give your details out online.

But what if the biggest culprit of business fraud isn't hiding on the Internet? What if it's in your business?

If you give your employees access to your online business bank account, this might be the case.

Here's what you need to do to keep that culprit out of your bank accounts...

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Are you protected from personal liability in the new Companies Act?

If you're a director - you could be held personally liable for fraud in the company. This means that you need to know exactly what your financial status is.

Relying on your auditor for feedback is not good enough anymore. 

Your employees could be the cause of that business fraud you're scared of

In these hard economic times, everyone wants to get as much money as they can. Your employees may even feel desperate enough to steal from your company. 
They probably won't take R20 000 out right, but what they might do if they can get onto your business Internet banking profile is change the debit order amount you've set up to pay their salary. 
If they can increase this by R500 you may not even notice it. But if they can do it once, then they can do it again. And again. And again!
And if you do find out, all they'll say 'Oh, I thought it was extra commission or a raise.' And they get off scott free. 
You can easily prevent this fraud though; this is all you have to do...

Here's how to prevent your employees from committing business fraud

All you have to do to prevent this kind of fraud from striking your company is limit the people who have access to your online banking profile. 
This way your employees can't just get into your bank account and give themselves an upper hand. 
Rather limit the employees who have access to your payroll manager, your accountant and your CFO.
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Two out of five South African businesses fall victim to fraud every year... Don't become a statistic!

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