It’s one of the biggest issues in the workplace, and it’s one that not only damages the reputation of the company, but can significantly set a company back financially. Fraud in the workplace is not a joke and it doesn’t seem to matter how good of an employer you are – no one is immune.

Unfortunately, fraud is something that occurs on a daily basis in working environments the world over. People in a position of trust are well-placed to commit fraud, and while you can have the most stringent background checks available, there’s only so much that you can do as an employer to stop fraud from occurring and unless you put those things in place, you’re putting yourself at risk as a business. One part of your fraud management plan has to be to speak to a reputable unemployment attorney, because once you plan to fire the person responsible for the fraud, you need to get the right advice to ensure that you are handling it correctly. Fraud can have a devastating impact on a business, and it’s very important to stay calm and manage the situation properly. Below, you’ll find five things to do when you suspect fraud is happening in your company.

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Stay Calm. Fraud is scary – there’s no doubt about that one. You don’t know the extent of the damage already occurring in your business. You don’t know how many people are actually involved and you don’t yet know the financial damage. You need to stay calm and make a plan, speak to your legal advisers and a forensic accountant and start a quiet investigation.

Don’t Ignore It. You could sweep it under the rug, but it’s more important not to under-react to the situation happening right now. Ignoring the fraud happening is worse, because they will believe they can get away with what they’re doing. Instead, build your case before pulling the rug out from underneath the employee.

Change Passwords. If you know that certain systems are being breached, you need to lock

them down. Change all passwords for all systems immediately and if any of your staff ask why, just explain that you’re doing the annual security overhaul and only those that need to know the new passwords will be told.

Prepare To Hire. You’re about to lose a previously valued member of your team, which means you need to be ready to replace them. Fraud is almost always committed by those in a position of trust and this replacement will be a challenge for your business. A person in a position of trust is not always easy to replace; so get as much advice as possible.

Set An Example. When you have confirmed that you have been defrauded, you have options. You can quietly fire the person, you could bring in a lawsuit or you can push for prosecution. Fraud is serious, and if you want to set an example to your remaining employees, it’s always best to push to prosecute.

Your business does not deserve to be ripped off; don’t let it continue.