Protect Your Assets and Reduce Financial Loss

| September 2, 2013

Protect Your AssetsMoney makes the world go round and is the focal point of so many areas in life and is never more important than in business. The bottom line is, businesses need to remain profitable and be able to make enough money to not only maintain service and secure its place in the industry but to also make enough money, which will benefit the employees and its owners.

Preventing financial crime is, sadly, one of the largest considerations for any business owners.

30 million people are defrauded every year across the world, whether it is due to credit card fraud, the stealing of personal information or gaining access to personal finances. It is a very real problem and one, which can affect ANYONE. Companies are typically the main targets and unfortunately the issue can come from trusted members of staff from within the company. 77% of fraud, which takes place within a company is not publicly reported and is instead dealt with internally. The UK economy, as one example, lost ?73 billion in 2012 due to fraud. On average, each business in each industry stands to lose over a million due to fraud.

The issue of fraud is a constant issue. People, companies, the economy, everything is affected by financial crime. The media constantly cover reports and stories that involves the theft?

Car Insurance Scams

Car insurance fraud is a common occurrence. A high number of people that are involved in car accidents claim financial compensation for whiplash, and in many cases the injuries have not occurred.

There will now be a bigger crackdown on insurance claims to prevent companies having to pay out large sums of money that is claimed illegally. False claims are not only illegal but they cost insurance companies substantial amounts of money, which ends up increasing the cost of insurance policies.

Employee Found Guilty of Embezzling Company Funds

A financial firm in Dallas has hit the headlines for all the wrong reasons. A trusted long serving employee was recently found guilty of embezzling $1.3 million of the company?s money. A member of staff stealing is the ultimate betrayal but is sadly a common occurrence particularly in larger companies that have high financial turnovers. Most companies choose to keep issues like this, as low key as possible to prevent people from finding out they are a victim of financial crime.

Two Money Laundering Doctors

Florida has been left shocked after it was revealed that two doctors were guilty of money laundering through clinics they had set up to supposedly help their patients. The doctors were in a position of trust and were able to con their patients and profit from it. They each earned over $100,000 dollars + from their efforts.

The need to protect finances has never been more crucial as advancements in technology and the increased courage of people, continues to make fraud a common issue. It is always best to think one step ahead, consider the next best action, have every possible prevention and protection in place to ensure someone is unable to use their position to take part in financial crime or at least to have a warning system that alerts the right person to what is about to happen.

It is sad that there can be little trust when it comes to money but it seems to be the way of the world?

Protect Your Assets and Reduce Financial Loss

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Category: Finances

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