“The opportunity makes the thief.” Francis Bacon

In business, even a small oversight can turn into a golden opportunity for fraud.

And fraud and embezzlement can happen to anyone, including you.

The thought of internal theft is unsettling, but the best defense is a proactive approach.

Let’s look at three areas where you may unknowingly create opportunities for theft in your business – and how to close the gaps.

• Multiple Responsibilities, No Accountability

In small teams, having one person handle multiple tasks is tempting.

But when one person manages everything— writing checks, making deposits, reconciling accounts—it opens the door to potential theft.

When it comes to your books, separate duties among different team members to maintain accountability. And keep a close eye on who is responsible for what.

• Blind Spots in Financial Oversight

Spotting discrepancies in your finances can be tricky if you don’t know what to look for.

Instead of sifting through financial data yourself, consider hiring an outside expert. The trained eye of an outside expert can find issues in your books before they grow into serious problems.

• Loose Rules = Data Risks

Theft isn’t only about sneaking cash from an envelope. It can also involve online theft, such as employee data breaches.

Secure online activities and protect your business from cyber threats with a fraud prevention strategy. Part of this strategy includes rules and regulations to help you:

• monitor who uses company property
• control access to sensitive data
• enforce restrictions on certain websites

A strong fraud prevention strategy keeps your people accountable and your finances well-recorded.

As these gaps show, vulnerability is often the real culprit in theft.

And now is always a good time to review your fraud prevention strategy.