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Tips for Preventing and Detecting Employee Theft in the Workplace

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Timothy Dimoff shares tips for preventing and detecting employee theft in the workplace.

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Tips for Preventing and Detecting Employee Theft in the Workplace

  1. 1. How to Detect and Prevent Employee Theft Timothy Dimoff, President, SACS Consulting
  2. 2. Timothy Dimoff Timothy Dimoff, president of SACS Consulting & Investigative Services, Inc., is a speaker, trainer and author and a leading authority on high-risk workplace and human resource security and crime. He is a Certified Protection Professional, a certified legal expert in corporate security procedures and training, a member of the Ohio and International Narcotic Associations, the Ohio and National Societies for Human Resource Managers, and the American Society for Industrial Security. He holds a B.S. in Sociology, with an emphasis in criminology, from Denison University.
  3. 3. Surprise! 79% of workers admit they have considered, or would consider, stealing from their employers. Kessler & Associates
  4. 4. Cost of Theft One of every three companies that goes bankrupt each year does so as a result of employee theft… …costing businesses between $60 and $120 billion a year!
  5. 5. Checks and Balances o Many employers overlook symptoms of theft, failing to put adequate checks and balances in place. o The cheating culture has created an atmosphere that dissuades “whistleblowers” from coming forward to expose this extremely pervasive practice.
  6. 6. Collateral Damage Although workplace theft is probably somewhat more widespread among blue collar workers… …the damage done by more senior employees is usually far greater.
  7. 7. Why Employees Steal o Greed 49% o Vindictiveness, get even 43% o Need 8% The real reason people steal is opportunity. When companies make it easy through lack of control, an atmosphere of theft is created.
  8. 8. Who Will Steal? o 21% will never steal o 13% will steal o 66% will steal if they see others do so without consequences o 75% of employee-related crimes go unnoticed
  9. 9. Myths and Misconceptions o Management doesn’t need to tell employees about policies on employee theft because they already know. o Well-paid employees are less likely to steal. o Honest and loyal employees will report other employees who steal.
  10. 10. Facts & Reality o The opportunity to steal is more important than the need for money. o The majority of employee theft goes undetected by management. o Less than 10% of the employee population is responsible for more than 95% of the total losses from employee theft.
  11. 11. Facts & Reality cont’d o Nearly every business experiences some degree of employee theft. o Nearly one-third of all bankruptcies is caused by employee theft.
  12. 12. 3 Major Categories of Workplace Fraud 1. Asset Misappropriation: theft or misuse of an organization’s assets. (Represents 87% of losses) Examples: oTheft of inventory oSkimming revenues oPayroll fraud Cash is the targeted asset 90% of the time.
  13. 13. 3 Major Categories of Workplace Fraud 2. Corruption: Perpetrators wrongfully use their influence in a business transaction to gain a benefit for themselves or another. Examples: oConflicts of interest oAccepting kickbacks
  14. 14. 3. Fraudulent statements: Generally entail falsification of financial statements. Examples oOverstating revenues oUnderstating costs 3 Major Categories of Workplace Fraud
  15. 15. How is Fraud Detected o Tip from an employee is the most frequent method of detection o Discovery by accident o Internal audit o Internal controls
  16. 16. How to Stop Workplace Theft o Start by creating a great work environment. o Employees who like their job and feel they are fairly treated and compensated are less likely to steal. o Employees are more likely to steal when angered or treated unfairly. o Encourage a sense of ownership. o Reduce opportunities to steal.
  17. 17. How to Stop Workplace Theft cont’d o Pre-employment screenings are an effective deterrent. o A security audit of your business operations helps employers identify and determine risks. o Initiate strict universal security guidelines. o Anonymous tip programs may compel honest employees to volunteer information about office theft without being labeled a snitch.
  18. 18. When Theft is Suspected The three objectives of a fraud, theft, or embezzlement investigation: 1. Discover who was involved so the employee can be removed from the workplace. 2. Attempt to recover the money or lost property. 3. Prosecute the employee under applicable laws.
  19. 19. Investigation Procedures o Quickly “shore up” confidentiality. o Identify employees (at every level) who had both access and opportunity to commit the act resulting in the loss. o Bring employees with access and opportunity into private area (individually) and ask them to write an account of their activities on the days and times relevant to the loss.
  20. 20. Investigation Procedures cont’d o Quickly “shore up” confidentiality. o Identify employees (at every level) who had both access and opportunity to commit the act resulting in the loss. o Bring employees with access and opportunity into private area (individually) and ask them to write an account of their activities on the days and times relevant to the loss.
  21. 21. Prevention: The Best Medicine “Employees steal to the extent management permits it… …there’s no shortcut to prevent it, you have to remove the opportunity, create awareness and achieve their support.”
  22. 22. Resources www.sacsconsulting.co m Web Based Training Tools for Success IDENTITY THEFT
  23. 23. Questions? Please submit your questions now
  24. 24. Thank-you for participating If you have any questions, please feel free to email them to: Timothy Dimoff, President, SACS Consulting tadimoff@aol.com Joe Gerard, Vice President Marketing and Sales j.gerard@i-sight.com

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