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Occupational Fraud Does Damage

As many companies are improving security for external threats, they may be losing focus on the ones that may exist within their own walls.

A new report from Hirebox, www.hirebox.com, finds occupational fraud has costed 5% of annual revenues from U.S. businesses. This has resulted in $928 billion in losses due to theft, misappropriation of assets, corruption, and falsified financial reporting. In addition, the elapsed time of detection of these activities is reported to be more than a year later, allowing businesses to recover only a fraction of what was lost.

The severity of these incidents has forced businesses to reevaluate ways security is dealt with internally.

First, companies are putting more investments toward insurance policies and cybersecurity measures to put some limitations on employee access and gain a better grasp on what they are up to.

The other option is going back to the hiring process to establish better practices of weeding out shady or dishonest individuals. However, this is proving to be a challenge for employers, as a high percentage of job applicants have reported lying about prior work experience, education, and suggested credentials.

Researchers suggest that companies screen applicants and employees closely to ensure they are truly the right person for the job.

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By | 2017-12-04T18:30:45+00:00 12/4/2017|

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