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Background Checks - Understanding Who You Are Hiring WP
Three common factors contribute to business fraud: inadequate prescreening of employees; limited internal controls; and too much trust placed into the staff. Most small businesses do not spend the money or time checking job applicant references, criminal history or references. While theft and fraud impact businesses of all sizes, small businesses tend to be financially impacted on a much greater scale, due to their limited financial resources and inability to recover.
According to the Association of Certified Fraud Examiners (ACFE) in their 2008 Report to the Nation, nearly 7% of all employees have some history of theft or fraud. This 7% figure, when applied to the 2008 U.S. Domestic Product, equates to nearly $994 billion in fraud related losses.
What steps has your business taken to protect itself against internal financial losses?
