Fraud in the Construction Workplace What is it? How do you spot it? How do you avoid it?
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Fraud in the Construction Workplace • What is it? • How do you spot it? • How do you avoid it?
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Transcript of Fraud in the Construction Workplace What is it? How do you spot it? How do you avoid it?
![Page 1: Fraud in the Construction Workplace What is it? How do you spot it? How do you avoid it?](https://reader035.fdocuments.in/reader035/viewer/2022062417/551b8138550346167e8b4a54/html5/thumbnails/1.jpg)
Fraud in the Construction Workplace
• What is it?
• How do you spot it?
• How do you avoid it?
![Page 2: Fraud in the Construction Workplace What is it? How do you spot it? How do you avoid it?](https://reader035.fdocuments.in/reader035/viewer/2022062417/551b8138550346167e8b4a54/html5/thumbnails/2.jpg)
Fraud: What is it?
• Definition: the crime of obtaining money or some other benefit by deliberate deception
• Can be external as well as internal
• Estimated that up to 6% of revenue lost to fraud yearly
![Page 3: Fraud in the Construction Workplace What is it? How do you spot it? How do you avoid it?](https://reader035.fdocuments.in/reader035/viewer/2022062417/551b8138550346167e8b4a54/html5/thumbnails/3.jpg)
Fraud: How to spot it.
• Bank Reconciliations
• No time off
• Change in lifestyle
• Lack of explanation for change in numbers
![Page 4: Fraud in the Construction Workplace What is it? How do you spot it? How do you avoid it?](https://reader035.fdocuments.in/reader035/viewer/2022062417/551b8138550346167e8b4a54/html5/thumbnails/4.jpg)
Fraud: How to prevent it.
• Division of Duties
• Frequent Bank Deposits
• Match payment with documentation
• Basic background checks
![Page 5: Fraud in the Construction Workplace What is it? How do you spot it? How do you avoid it?](https://reader035.fdocuments.in/reader035/viewer/2022062417/551b8138550346167e8b4a54/html5/thumbnails/5.jpg)
Questions?
Thank you.
Slides by Krueger & Smith