The idea of business fraud can sound like a sneaky, sinister, high-profile, well-orchestrated practice, but that’s because we mainly just hear about the big cases, like Bernie Madoff or Enron. The truth is, a lot of fraud happens on a smaller scale, and it has real consequences for our businesses. A study by the Association of Certified Fraud Examiners estimated that businesses lost a total of $7 billion to fraud in a span of just 20 months, with the average amount of money lost equalling around $130K. That math works out to around 54,000 cases of fraud. And small businesses tend to get hit worse than large, averaging almost twice as much lost per fraud incident.
Fraud might be more pervasive than you’d think, but the good news is that there are actions we all can take to prevent fraud at our companies–simple things like ensuring that no one can approve their own expense reports, or watching out for folks who are feeling overlooked or underpaid.
Learn about how you can prevent fraud in Grovo’s new Microlearning® content from producer Jen SanMiguel. Our new Fraud Prevention content includes topics such as:
- What Is Fraud? Learn the three types of fraud and what they look like.
- Reduce the Potential for Fraud: Learn the conditions that make a company ripe for fraud, and what to do about it.
- Catch and Report Fraud: Learn key red flags, and what to do if you suspect fraud may be happening at your company.
It’s tempting to think that our workplaces aren’t the kinds of environments where fraud happens, but it’s better to be safe than sorry. Learn more about how you can prevent fraud by watching one of our lessons, The Effects of Fraud on Business.