Not surprisingly, according to the Association of Certified Fraud Examiners, organizations with some form of hotline in place see a much higher likelihood that a fraud would be detected by a tip (51 percent) than organizations without such a hotline (35 percent).
Concerned about the potential for fraud in your organization? Think that a reporting hotline could help lower the risk of fraud in your organization? Fill out the form below. You'll get information about a fraud reporting hotline and other fraud deterrence policies to reduce your organization’s risk of fraud.
Many business owners don’t recognize that fraud doesn’t just hurt them – it hurts their employees, too. From having to forgo pay increases because funds were embezzled to experiencing the stress that comes from working with dishonest co-workers, fraud can hurt good employees.
Fraud deterrence isn’t just about driving out the bad; it’s about keeping the good and making your business a place where your star performers want to work.
Obviously, there are also financial benefits to fraud deterrence. Catching problems early – and stopping them before they start – can result in large financial savings.
Here’s a telling statistic: at organizations without hotlines, the average instance of fraud costs the company $180,000 – at organizations with hotlines, that drops to $100,000.
We’re glad that our clients rely on us for their audits and internal controls. But, when it comes to fraud prevention, we know that we need to bring in the specialists. That’s why Rea has joined together with Red Flag Reporting, a simple, yet effective fraud prevention program.
Although you don’t like to think that it can happen to you, it can. Fraud always hurts, but a fraud reporting helpline can help to lessen the pain. Fill out the form below to find out how a Red Flag Reporting fraud hotline can help protect your business.