Many small business owners think that Fraud could never happen to them. After all their employees are just like family, and a family member would never do anything to hurt the family. Right?
Unfortunately, that is not necessarily true. Almost by definition, an employee has to be highly trusted in order to get into a position of being able to steal from the company. After being victimized by Fraud where you have had your trust violated and proably have lost a lot of money, you will soon find out that there are additional costs to try to recover your losses from the Fraudster. If you want to take legal action, you need to build a case. If you hire a CFE (Certified Fraud Examiner), you are looking at a retainer upfront, plus fees of $125 or more an hour in order to build your case. Then you need to get the authorities to agree to prosecute.
To make matters worse, the Fraudster often has blown the money on drugs or has a gambling addiction.
That is why is it much cheaper to try to prevent the Fraud in the first place. I am a CFE and I have software that tests for Errors and Fraud. If you want more information, please click here.
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