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Rising Threat: Employee Embezzlement and How to Prevent It
Manage episode 444847060 series 2911349
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Overview:
- Even government agencies are not immune to theft and embezzlement. In a shocking case, a Washington state employee embezzled $900,000 from the Office of Administrative Hearings through fraudulent credit card purchases and various schemes.
- This incident marks the largest theft in 15 years from the state of Washington, highlighting the risks all organizations, including private companies, face regarding embezzlement.
Key Points:
- Risk of Embezzlement: Government agencies experience theft and embezzlement every day, similar to private companies.
- Prevention Strategies:
- Implement controls, such as:
- Assigning someone else to open credit card statements.
- Cross-referencing all financial statements.
- Ensuring that multiple people are involved in auditing processes to deter theft.
- Adopt common best practices to enhance financial security without incurring additional labor costs.
- Implement controls, such as:
- Expert Consultation:
- We offer live one-on-one consultations with licensed certified experts who can provide tailored advice on your situation and discuss your options.
Resources:
- Visit Active Intel for more information on easy-to-implement strategies to keep your agency or business financially secure.
Call to Action:
- If you found this episode helpful, check out more content on our channel for additional insights on similar topics to assist you in resolving your issues.
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