As a Certified Fraud Examiner, I am brought into different fraud cases and always enjoy the unique story behind each case. Sadly one thing I do see more frequently then I ever imagined is family stealing from family.
When you go into business with family there is an inherent expectation that you can trust them. So imagine the shock when you learn that your own son is stealing from you. It can be devastating to a family as well as the fraud can wipe out the business.
My advice to any business, regardless if owned by a family or not, is to put internal controls in place. I promise not to get on my soap box about the importance of transparency, but good controls (proper fraud prevention techniques) provide accountability for everyone to do the right thing. Click on this link for a useful Fraud Prevention Checklist from the Association of Certified Fraud Examiners. This “check-up” will work through a list of questions to help you determine “hot spots” in your organization.
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