| Businesses must be vigilant to deter embezzlement NORTH BEND -- The point of Mike Gordon's speech was clear and to the point: Nobody is safe when it comes to embezzlement. The average scheme lasted nearly five years, with nearly two-thirds of incidents involving female perpetrators, and the most common scheme involving forged or unauthorized checks. 'In this county, there is an awful good deal of embezzlement," he said. Gardon's presentation outlined the simple steps small firms, as well as big companies, can make to avoid being a victim of an embezzlement scheme. Simply taking time to review all bank statements and sign checks can thwart small and large schemes. According to Gordon, simple things -- such as controlling your cash registers, not letting non-owners be check signers, locking up checks, not giving out company credit cards and making employees take their vacation time -- can help business avoid embezzlement. 'It can't happen to me because my employees have been with me a long time. 'The biggest misconception is that it can't happen to me," he said. A few simple controls would have either prevented it or minimized it to a tolerable level. 'That's when they realize something is wrong. It is always somebody who is trusted that ends up embezzling. Gordon himself was the victim of an embezzlement scheme, when a well established employee of his family's optician business embezzled around $80,000. It can't happen to me because my employees are family. 5 million and $2 million in embezzlement. According to the report, nearly a quarter of all embezzlement incidents were committed by employees who held finance, bookkeeping and accounting positions. 'Doing something beats the daylights out of doing nothing," he said. |
Saturday 10 March 2012
Businesses must be vigilant to deter embezzlement
