Payroll fraud is a serious cost all companies want to avoid. It’s damaging in many ways, but unfortunately it does happen. What’s even scarier is that it’s not necessarily something you can prevent from happening. However, there are ways to safeguard your company and put systems into place to catch fraud as soon as possible, and most importantly before payday.
Did you know?
- Payroll Fraud happens in 27 percent of all businesses
- Payroll fraud occurs nearly twice as often (14.2 percent) in small organizations with fewer than 100 employees than in large ones (7.6 percent).
- The average instance of payroll fraud lasts about 36 months. That’s three years of paying ghost employees or overpaying existing ones.
Source: Garrett, M. (2013, September 10). Payroll Fraud - A Big Threat and How to Avoid It. Retrieved from www.Forbes.com