Security Cameras Protect You Against Employee Theft
One of the single most expensive problems facing American businesses isn’t natural disasters, isn’t break-ins, and isn’t a fluctuating stock market – it’s employee theft. Employee theft is the leading cause of 33% of business bankruptcies according to the Association of Certified Fraud Examiners, or ACFE, and 75% of all employees admit to stealing from their employer at least once in their lives. While some of these thefts can be contributed to accidental theft, idea theft, or time theft, the number is still staggering.
Types Of Employee Theft
Employee theft comes in all shapes and sizes, and isn’t only stealing product or money from a business. Some of the most common types of employee theft in the United States and Greensboro, NC are:
- Larceny – Larceny occurs when an employee steals cash or property from the place of business where they work.
- Embezzlement – When a person in a position of financial trust, like a bookkeeper, accountant, or senior manager, abuses their position to steal property or cash from their place of business they have committed embezzlement.
- Billing schemes – Billing schemes occur when vendor accounts are falsified and bills are paid to nonexistent vendors for transactions that have never occurred.
- Payroll schemes – Payroll schemes are an incredibly common type of employee theft, and this occurs when employees mark down more time worked than they actually worked during a given day, week, or other pay period.
- Expense reimbursement fraud – When expenses are reimbursed, they are for expenses paid on behalf of the business. If a person goes on a business trip and uses their own money for expenses, those are reimbursed by the company. Reimbursement fraud occurs when false expenses are noted and reimbursed by the business.
- Information theft – While physical cash and property are important valuables to a business, not all assets are so “concrete”. Information theft occurs when an employee shares ideas or inside information with competitors.
- Time theft – Time theft is the single most common type of employee theft, and one that many employees are guilty of whether they know it or not. Time theft occurs when an employee uses paid company time to conduct their own personal business, such as surfing the internet, getting shopping done, or making personal phone calls.
Security As A Deterrent
The single best deterrent against employee theft is making sure your security is up to date. Remote monitoring and security camera systems help to not just curb employee theft, but catch employee theft in the act, thereby helping business owners in Greensboro, NC protect their most important investment.
With remote security systems, business owners are able to keep an eye on the goings on of their employees from anywhere, as they check in with the simple tap of a smartphone or a few clicks on a laptop. While at home after hours, while on vacation, or while away conducting business offsite to better and grow their company, they can have their eyes and ears back at their home base.