Is your company experiencing a problem with employee theft?

Did you know??

The National Retail Association found that employees who steal from their employers, average $1,890.00 in theft vs. shoplifters who average $438.00

Losses due to employee theft can take many forms.

1. Missing or shorted deposits

2. Inventory shortages

3. Till theft

4. Data theft

5. Theft of services

6. Billing or payroll schemes (ghost employees)

7. Expense reimbursement schemes

Do you have proper controls in place to deter internal thefts?

Some solutions might include;

1. Hire carefully. Do background checks.

2. Require dual signatures for deposits

3. Require two employees present when making deposits

4. Video surveillance systems

5. Access controls

6. Regular inventory & audit reports

7. Take out fidelity bonds on key employees

8. Implement employee policies and a reporting system

9. Monitor trash removal

10. Establish an honest work environment/mentality

Some common red flags to look for in employees who may be suspected in thefts.

1. Living beyond their means

2. Financial difficulties

3. Unusually close association with a vendor or customer

4. Substance abuse issues or gambling addiction

5. Refusing to take time off or allow someone else to assist with certain duties

6. Unusual work hours

Security surveys can be very useful in identifying areas of weakness and concern. Once these areas have been identified, then your company/management can work to address any deficiencies and budget for additional measures and investigation.

Having an understood policy and commitment to investigating theft sends a clear message to employees and can potentially discourage theft.

Theft is not limited to a retail brick and mortar location. Theft, fraud and corruption can be prevalent in construction and oil field settings as well.

Having a clearly defined understanding of how scrap materials from job-sites such as copper and other materials are to be handled can be very useful. It is also advisable to have a specific person responsible for monitoring and disposal of materials & equipment, with controls in place.

Do you need an investigator to help find out what is taking place, who is involved and conduct interviews to get the needed answers?

Don’t hesitate to call for help. Investigations of this type can get detailed and complicated quickly. It is helpful, before contacting an investigator, if you have gathered the main facts and documentation, and identified potential employees involved. The more information you have the quicker the investigation can be commenced.

Pertinent details given early on can save money in the investigation, and possibly prevent going in the wrong direction with the investigation.

Give us a call to see if we can help provide needed solutions, potentially track down where stolen property may be going, how fraudulent activity is occurring and who may be involved.