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Fraud in the Construction Workplace

Fraud in the Construction Workplace. What is it? How do you spot it? How do you avoid it?. Fraud: What is it?. Definition: the crime of obtaining money or some other benefit by deliberate deception Can be external as well as internal Estimated that up to 6% of revenue lost to fraud yearly.

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Fraud in the Construction Workplace

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  1. Fraud in the Construction Workplace • What is it? • How do you spot it? • How do you avoid it?

  2. Fraud: What is it? • Definition: the crime of obtaining money or some other benefit by deliberate deception • Can be external as well as internal • Estimated that up to 6% of revenue lost to fraud yearly

  3. Fraud: How to spot it. • Bank Reconciliations • No time off • Change in lifestyle • Lack of explanation for change in numbers

  4. Fraud: How to prevent it. • Division of Duties • Frequent Bank Deposits • Match payment with documentation • Basic background checks

  5. Questions? Thank you. Slides by Krueger & Smith

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