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Embezzlement in Retail Companies —Staggering

Think theft and embezzlement in retail companies are not problems? Think again!

Hayes International’s latest retail theft survey is reporting that one in every 28 employees is caught stealing. Below are three examples of embezzlement in retail companies:

No matter how trustworthy you perceive your staff—there is always the possibility of embezzlement in retail companies. Reduce your risk:

1) Recognize the Threat: Those in charge must recognize that embezzlement in retail companies is a possibility. As case after case examples reveal, you cannot rely on auditors or others to uncover these schemes. At minimum, do the following:

2) Job Applicant Process: Controlling embezzlement in retail companies starts at the initial hiring point. The risk can be reduced by conducting a thorough background and credit history check.

3) Multiple Tasking: One of the most effective measures to prevent acts of embezzlement in retail companies is not to allow a single employee to affect every stage of a critical work process.

4) Oversight: Proper supervision is necessary to ensure that adequate internal controls are in place and enforced. Spot-checks send a message of alertness and increase the chance of detecting embezzlement in retail companies.

While these strategies will help to deter embezzlement in retail companies, you are encouraged to read Business Fraud: From Trust to Betrayal to learn much more about how these crimes happen and ways to prevent them.

Find out how embezzlement in retail companies affects you and other consumers by ordering Business Fraud: From Trust to Betrayal now!