How High Is Your Risk for Employee Fraud?

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  • Do you use an advanced accounting system that detects fraud?

  • Do employees or other workers have company credit cards?

  • Do you reimburse employees for expenses?

  • Do you have an expense approval process?

  • Do you have a stated expense policy?

  • Can more than two people write checks or approve expenses?

  • Do you have a system to automatically enforce expense policy?

  • Do you validate receipts against policy and previous receipt submission?

  • Do you use cash, checks or gift cards to manage any of your expenses?

  • Do you do surprise bookkeeper audits?

* U.S. Chamber of Commerce reports that one of every three business failures (33%) is the direct result of employee theft.

Fraud Detection Made Easier with Bento for Business

Bento for Business has thousands of customers who trust us to help them with fraud detection, fraud prevention and expense management. Our prepaid business debit cards help companies control their expenses and detect fraud early. The stakes are high as it costs $140,000 on the average for not detecting fraud in a small business according to the independent fraud detection organization, the Association of Certified Fraud Examiners (ACFE). As a way of helping our small business customers, Bento provides one of the very few fraud calculators in the financial services industry.

“According to the 2016 ACFE Report to the Nations, small businesses were more susceptible to expense reimbursement fraud schemes than companies with more than 100 employees,” said ACFE Vice President and Program Director Bruce Dorris, J.D., CFE, CPA, CVA. “Due to smaller budgets and staff size, small businesses often face an uphill battle when it comes to fighting fraud. They are less likely to have anti-fraud controls in place, but often incur losses the same size as large organizations, leaving them particularly vulnerable to fraud.”

Manage Employee Expenses with Confidence

Bento for Business is much more than a traditional debit card or small business credit card. It’s a robust mobile app and online solution that allows you to easily control employee spending in real time. Turn individual cards on or off with a simple click so there’s no risk of misuse. Set daily, weekly or monthly spending limits so your employees stay within budget. And your cards come with the safety and protection of Mastercard, so you can always use them with peace of mind.

Our client reviews at Trust Pilot, score us at an excellent 9.0 out of 10 and we have a perfect A+ rating from the Better Business Bureau. The independent software service Capterra ranks us a perfect 5 out of 5 stars.

Fraud Calculator for Expense Fraud

Our free fraud calculator identifies ten choices that small businesses make that greatly increase or decrease their likelihood for internal fraud. The Bento expense fraud calculator comes with a series of fraud recommendations as well as dozens of supporting links and facts to educate you on fraud prevention, fraud protection and detecting fraud in your small business. The fraud risk is based on hard fraud data from ACFE and other fraud detection and prevention organizations. Get back to running your business instead of handling expense overhead and worrying about fraud.

Bento Articles on Business Fraud and Expense Fraud

 

How to Detect and Prevent Fraud

As a small business, you deserve the professional level fraud detection tools that come with our software and debit card service. Among our many recommendations for how to detect fraud and prevent it are:

  • Use an advanced accounting system like QuickBooks which has dozens of fraud detection tools and capabilities.
  • The incidence of employee fraud goes up dramatically with the more check signers you have, so you should greatly limit them.
  • Read the Association of Fraud Examiners (ACFE) annual report on fraud detection and preventing fraud.
  • Create a stated expense policy to help prevent expense fraud and distribute it to employees.
  • Surprise audits of your bookkeeper or internal accountant is one of the best ways to detect fraud early.
  • Use controllable debit cards instead of credit cards to limit how, where and how much an employee can spend.
  • Use our fraud calculator to educate yourself on how business fraud occurs.