With the progressive global outlook and technological advancements, the fraudulent activities are on the rise. This has become a serious risk especially for startups and other small business owners. The adoption of advanced technologies and complex organizational structure has made such corporations vulnerable to fraudulent activities. According to a 2014 research by Global Nation, organizations lose 5% of its annual revenue due to fraud, of which 85% of cases are committed by internal employees. A rising number of fraudulent cases throughout the businesses has made it mandatory to implement fraud prevention and detection strategies, thus boosting the global fraud detection and prevention market. Here are a few strategies to safeguard your business mitigating the risks of fraud:1. Corporate CultureA strong corporate culture is the pre-requisite for any organization. Corporates should fix certain procedures and policies to govern its employees. The main accountable person, organizational structure of reporting systems, the reporting manager, job responsibilities, segregation of duties, and limitations must all be clearly defined. The organization should investigate a candidate’s history and background before hiring. Organizations must be crystal clear to the employees about their fraud prevention tactics. Proper training should be provided to employees ...
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