Is Your Business Fraud-Safe?

March 23, 2015

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Fraud costs Australian business and government a whopping $5.8 billion each year; that's one third of the nation's overall crime costs.

Your business could be caught in the middle; and you might not even know it yet. Calamity was mentioned in an article for Dynamic Business, investigating the importance of Fortifying Business Through Fraud Resistance.

The Association of Certified Fraud Examiners (ACFE) reported in 2014 that the average organisation loses as much as 5% of their revenue to fraud. That's a projected global cost of nearly $3.7 trillion. And a fair chunk of income for small to medium-size businesses.

So is your business as safe as it could be?

Only 35% of organisations surveyed by the ACFE were using proactive data monitoring and analysis. These systems, however, cut fraud duration in half, and ensured frauds committed were 60% less costly.

So how do you fraud-proof your business?

1. Ensure your staff are educated, and know who to call in the event of a security breach.
2. Have a well-rounded security plan in place, by engaging an experienced, specialised security provider such as Calamity.
3. Practice diligence with security system maintenance, ensuring evidence-quality CCTV recordings are not compromised.
4. Be open with your staff about security surveillance, cultivating a safer, more open working environment. Workplace security should never rouse feelings of fear from your employees and if properly implemented can contribute to workplace efficiency and happiness.

Ensure your business is as fraud resistant as possible by reading the full article on Dynamic Business magazine. If you're concerned your business may be at risk, contact Calamity today.

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