Solomon Bruce Consulting Blog

Thursday, November 6, 2014

A Fraud Recovery Plan—A key Ingredient Today!

      Recently, we attended a fraud prevention seminar held by one of the big banks with branches in the Fort Worth area.  This seminar addressed many factors that businesses are facing today, especially with fraud.  We will have additional blog posts on many of the points identified at the seminar, however, today, we wish to address the idea of having a fraud game plan developed if indeed you are faced with fraud.

      Fraud can be employee embezzlement, internet theft, identify theft, false parts which fail to conform to manufacturer specifications, etc.  Actually, there is no end to the ways in which a business owner in today’s world can be defrauded.

      The first step in the process is to recognize that this will happen to most all business owners.  In one time or other, you will be defrauded.  The real key is how do you address this matter?

       Developing a plan is the first step.  The initial steps are easy—call the bank, change the passwords, change the bank accounts, review internal operating procedures.

        The secondary steps are more complex.  Here, one must think through what was done initially and now enhance and build upon those ideas.  It is in this phase of operation that a business consultant can be of significant value to you.  Our experience and background will allow you to develop a plan which will support a strong fraud recovery plan.  The best plan is to have a plan before you are faced with having to address this matter after something bad has happened to your business.  Give us a call to discuss the possibilities today.


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