Embezzlement Risks: What Every Business Needs to Know

ARTICLE | June 25, 2024

Authored by Vasquez + Company

Embezzlement is a common threat affecting companies of all sizes. The article "Embezzlement Affects Most Companies, So Remain Vigilant" highlights the various forms of embezzlement, warning signs, and preventive measures businesses can take to protect themselves.

Key Points

  • Prevalence: Embezzlement affects companies of all sizes, from large corporations to small businesses, highlighting the need for constant vigilance across the board.
  • Common Methods: Fraudulent billing, unauthorized transfers, and payroll schemes are among the tactics used by embezzlers.
  • Warning Signs: Financial discrepancies, unusual spending, and employees living beyond their means are red flags to watch for.
  • Preventive Measures: Regular audits, segregating financial duties, and fostering accountability can help prevent embezzlement.

By recognizing these threats and implementing strong internal controls, companies can safeguard their assets and maintain financial integrity.

For more information, read the full article here.