BUS041 Tips for preventing and detecting fraud in your business (463 words)

This article provides tips for preventing and detecting fraud in Australian businesses, including red flags to look out for and procedures to implement. The article also encourages readers to contact their accountant for assistance with scam and fraud prevention and detection.

As a business owner, you know that financial success is key to keeping your doors open. Unfortunately, scammers are adopting new technology and more advanced methods to commit fraud leading to possible financial loss and reputational damage to your business.

A scam becomes fraud when deceit is used to obtain a benefit, or cause a loss, by deception or other means. Committing fraud is a criminal offence.