Foo You Ann had taken loans amounting to S$1 million after suffering losses in gambling and cryptocurrency.
Most business owners think of external threats when they consider the risk of fraud but often they might sidestep their internal workforce.
When you trust your employees, it can be difficult to think the worst of them, even when there are red flags – circumstances or patterns that are out of the ordinary – alerting you to the contrary.
Ignoring red flags could be disastrous, though, so it’s important to learn how to identify them and root out fraud before it goes too far.
Reducing employee fraud relies on an open and collaborative workplace where everybody feels valued. Where employees are bought-in and feel the company needs them, they’re less likely to abuse their position, and whereby Small businesses are at higher risk of employee fraud than large corporations are.
What are your thoughts on best practices when it comes to your own organization's policies?
