Last year, Canadian businesses lost an average of $140,000 due to workplace fraud during the festive end-of-year holidays. A typical business or organization loses 5-per cent of its revenue every year as a result of employee fraud. Sandy Boucher, Senior Manager with Grant Thornton’s Forensic Accounting Team, says fraud increases by about 20-per cent in December. He cites Christmas as an expensive undertaking and suggests it’s a time when employees may be in need of extra cash. However, Boucher says something to keep in mind is that scams often last an average of 18 months before they are detected. He says one of the key ways to stop a scheme is awareness.
By Kevin Usselman and Audrey Whelan
Read the full article at 660 News.
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