Do you know how much your business has lost to fraud in the last year? It may be more than you think.
Do you even have the means to measure the incidence of fraud in your business? Fraud is rife across businesses. Therefore these questions are critical to both big and small businesses. Business leaders must ask them and seek answers regularly.
Fraud can cripple both large and small businesses to the point of huge losses leading to a complete shutdown. Every business is a potential victim to some aspect of fraud. It is common in processes such as cash handling, stock handling and supplies, procurement, customer service, asset management, etc.
Statistics reveal an upward trend in employee fraud in Ghanaian banks and other deposit-taking institutions. In 2021, Fifty-six percent of fraud cases in the banking sector involved employees, up from fifty-one percent in 2019. Fraud does not occur only in banks.