Fraud & Crime FAQ

The risks of crime have become increasingly global. Also developments in technology ensure businesses are now more than ever, faced with not only an increased exposure to commercial crime but a huge variety of different ways coming through from many different ways. Thieves and fraudsters can include internal employees, external sources, or a combination of the two working together for their own personal gain.

It is a big concern that many employers do not realise how vulnerable they are to financial loss caused by the fraudulent acts of their employees. 

When discussing these risks with our clients, they will often respond with answers such as  “My employees are like family, they would never steal from me,” or, “There is really nothing in my business for employees to steal anything.” Unfortunately this is not always reality.

Every year, millions of dollars are lost due to employee dishonesty. Many businesses suffer severe financial damage and for some even leads to them becoming insolvent sometimes leading to bankruptcy. We often hear about the long-time, trusted employee who has been siphoning money out of the employer’s business for years.  

There are some acts that are one-time thefts but most are large losses are caused by long-term, ongoing schemes that are cleverly concealed for months. 

What can business owners do to protect themselves from this risk? There are two main steps that should be taken. 

The first is to establish a loss prevention program. 

The second is to obtain employee dishonesty insurance. 

Check to on your Fraud Prevention health by clicking here for a free check up

What should you do if a Fraud is committed in your workplace? Click here for some advice from Clayton Utz on points to consider

Here are examples of Fraud claims within our community, the lessons learnt and what can be done to reduce the chances of it happening to you with good common sense strategies.

CEO speaks out on a million dollar fraud

Fraud remains a huge threat to business

Eight Tips to prevent Employee Theft and Fraud

Managing Risks of Accounting Systems

Managing Risks of Payroll Systems

Managing Risks of Stock and Inventory theft

Hastie: Could fraud bring down your organisation?

2011 USA Fraud Hall of Shame

$16 Million Fraud shows it can happen to any one

$389 Million taken with ease according to report

 

 

Latest News

Will you lose the value of a Broker?

If you listen to the Podcast on this link you will here Robert Cooper explain to his Accountant why Small Business stands to lose if Insurance Brokers are not there to advise start up businesses and established businesses about the risks their occupation carries and how they can deal with them. Simply because they will not want to pay the fees that would be charged. Currently instead, Insurance Companies pay the Broker after the Insurance has been placed with them. Perhaps the premiums will appear a bit cheaper in the first year? Then they will question the fees an Insurance Broker puts on top and finds they can go to the Internet and obtain the same cover at the same price. However, they will not have the constant advice and claims advocacy that comes with an Insurance Broker. The big loser is definitely the Consumer as direct insurers give absolutely no advice, only price.

read more

Robert Cooper - one of 100 faces of small business

This week it was announced as part of Small Business Week,  that Robert has been named one of the 100 faces of small business for a State Government promotion on the great value that small businesses play in the State of Queensland.

You can see Robert's entry here:

It is the third accolade for CPR Insurance Services in a month and after seven and a half years in business is a real pep up for the company.

For Robert, it is the culmination of many years experience, becoming well qualified, experiencing the highs and lows of a career and always wanting to contribute to his community. Sometimes, these things just come together and you receive recognition for your efforts.

Robert says that there is no doubt that starting your own business is a huge challenge, but with the right research and planning, the right people around you and a good set of values that you apply to the vision of the company, you have a very good chance of making it all succeed.

Robert says he is lucky. He has a strong supportive Wife, Mandy, who is also part of the business, along with efficient and hard working staff such as Julia McLauchlan and Aidan Harmer who are building up their own skills in a learning environment. 

However, the most important and most supportive people for CPR Insurance Services are our clients who have stuck by us and supported us over the past seven years. Our focus remains on providing the best possible service we can and always acting in their best interests. To all our clients, we say thank you!

read more