There are many aspects to running a business. One of them is to prevent employee fraud. Theft has been around since the beginning of time, and it is not going away any time soon. In fact, in the digital age, criminals are more sophisticated than ever before. However, by hiring private investigators, you can mitigate the risk of crime to your business, helping to protect your assets and profits. Here are some examples of how private investigators can protect your business.
Loss Prevention Strategies
It is no secret that the handling of cash can bleed companies dry if someone is not keeping a close watch. Employees can pocket your cash or they can steal inventory. Private investigators can help you develop controls to prevent and detect theft. These can include hidden video cameras and 24-hour surveillance. Just knowing that you have an investigator working with you can be a deterrent to theft.
Workplace security starts by hiring employees with integrity. Facts on the resume should be checked and references called. Additionally, it is important to make sure any potential employees do not possess violent tendencies. Sure, a sour mood or angry outbursts could kill your customer service and reputation simultaneously. However, under negligence laws, you could be found liable for hiring a violent employee if he or she attacks coworkers or customers. A person who puts on a good face for an interview can hide these violent tendencies; however, a criminal record evidencing a history of violence is much less easy to conceal. Hiring a private investigator to research the background of any new hire is a must in upholding your reputation and preventing lawsuits down the road.
Unfortunately, sometimes employees see insurance fraud as a good way of getting some extra cash. To them, it does not seem wrong to take advantage of a nameless, faceless corporation. It could be a fraudulent workman’s compensation claim or a fake illness. They do not realize the business and other employees suffer in terms of higher premiums. Private investigators should thus be hired to routinely verify any claims.
Asset Retrieval and Location
Sometimes a business fails to prevent theft or fraud prior to it happening. This can be particularly true when money is embezzled. While the culprit might be known, it might not be so easy to get the money back. It takes a forensic analysis to figure out where the money disappeared to so that the ill-gotten gains can be frozen and subsequently retrieved. A private investigator can be hired to trace the funds or assets to its current location so that it can be seized. Do not delay in taking action though. The longer a company waits to locate the assets, the more time the pilferer has to spend or convert the assets into untraceable sources of wealth.