Businesses of all sizes are susceptible to fraud. In fact, it is estimated that businesses lose five percent of their annual revenue to fraud. That’s a lot of money! So, how can you protect your business from these costly incidents? By following these tips you can reduce fraud in your company, you can minimize your risk and ensure the safety of your finances. Understand What Fraud is and How it Can Happen in Your Business Fraud is defined as “dishonest or illegal activity undertaken to gain financial benefit.” There are many different types of fraud, but some of the most common include embezzlement, identity theft, and credit card fraud. To prevent these crimes from happening in your business, you need to understand how they work and be on the lookout for suspicious activity. Some red flags that could indicate fraud include: Unexplained changes in financial records or discrepancies between records and bank statements Unusual patterns of employee absences or conduct Employees who are resistant to changes in company procedures Vendors who refuse to provide information about their services If you see any of these red flags, it’s important to investigate further. Often, fraud is committed by people who have access…