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Safeguarding Your Business: Combatting Employee Fraud

Learn how to protect your business from employee fraud with tips from Captain Rick Ollic of the Berkeley County Sheriff’s Office. Discover common fraud schemes, prevention measures, and safeguards for check payments and computer systems. Stay ahead of potential risks and safeguard your business against financial losses.

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Safeguarding Your Business: Combatting Employee Fraud

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  1. Being a victim is something your business can not AFFORD!! By : Captain Rick Ollic Berkeley County Sheriff’s Office

  2. How can Employee Fraud happen? • Stealing Money or Goods • Falsifying checks or payroll, including creation of phantom employees • Misusing company credit card accounts • Taking Bribes or Kickbacks from suppliers or customers • Claiming overtime when it is not due • p.1

  3. How can Employee Fraud happen? • Embellishing expense accounts • Providing FALSE information about the company to creditors or investors • Stealing and selling company trade secrets • Giving friends or family unauthorized discounts on company merchandise or services • p.2

  4. Employee Screening • Safeguards during the hiring process • Criminal records check • Thorough checks from former employers • Contact references • Record checks for $25.00 through South Carolina Law Enforcement Division could save you thousands!

  5. Combating Fraud • Establish Controls • All bill pays should be approved by management • All invoices approved by management • Add signature line to financial statements to include initials and date/time stamp • Allow only certain printers to print financial reports • Protect against payroll fraud by using direct deposit, regularly checking payroll records and hand-deliver paychecks.

  6. Protecting Computer Systems • Antivirus software on all servers, laptops and desktops. (Check Daily and scan weekly) • Stay updated with software and security patches. • Firewall all computers and on networks install network firewalls • Boot Password to prevent access while away from your computer • Virtual Private Network (VPN) wireless networks

  7. Simple Safeguards • Always try to run transaction as a debit • When running as a credit always get a picture identification • If transaction is not approved do not complete the sale • Credit or Debit cards by phone always get 3-Digit security number on reverse side • ASKING QUESTIONS NOW CAN SAVE FROM CHARGEBACKS IN THE FUTURE!!!

  8. Safeguards for Check Payments • Show employees safety features on checks • Watermarks and micro printing • Fraud deterrent holograms • Person making purchase or cashing check does not match inquire why that is so! • Ask for two forms of identification • Accurately copy information from identification

  9. Counterfeit Currency • Banknote Detection Pens are not proven method for determining counterfeit money • Become thoroughly familiar with genuine note • All counterfeit bills are investigated by the United States Secret Service • Visit www.ustreas.gov.usss

  10. Questions • Detective Captain Rick Ollic Berkeley County Sheriff’s Office (843) 719-4423 Moncks Corner (843) 723-3800 (ext 4423) Charleston Area (843) 567-3186 St. Stephen Email rollic@berkeleycountysc.gov

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