Protecting Your Business: How Employee Theft Can Impact Your Integrity and Reputation

By Ashley Mazerolle,Marketing –

Businesses lose $50 billion every year due to theft committed by employees.

As a business owner or employee, you may not realize the serious impact of employee theft on a company’s integrity and reputation. Employee theft includes any form of stealing, whether it’s a small act of petty theft or millions of dollars stolen by an executive. Unfortunately, it is a widespread problem, with the Association of Certified Fraud Examiners (ACFE) reporting that employees steal $50 billion annually from businesses.

Theft can come in different amounts, and it can have severe consequences. According to ACFE’s report, a quarter of these thefts are for $1 million or more, and 45% are between $10,000-500,000. Even though some employees steal less than $10,000, the report shows that 60% of inventory shrinkage is caused by corruption, neglect, and error in business management.

The most alarming fact is that one-third of all business bankruptcies are caused by employee theft. That is why it is crucial to be vigilant in detecting corrupt or fraudulent practices to avoid bankruptcy and remain financially sound. That is where EyeDetect comes in.

EyeDetect is a tool that can help identify employees who have stolen or who are prone to deception. The technology can be used for pre-screening employees and conducting periodic screenings, especially for those in positions of trust. The results are impressive, with field trials showing that EyeDetect can identify deception with 85% accuracy.

It is essential to note that theft and fraud can occur at any level of an organization. Waiting two years to detect office fraud, which is the average time it takes, can be costly. Therefore, companies should consider using EyeDetect to prevent further loss of their organization’s assets and damage to their reputation. The degree of the person stealing does not matter, and companies should take measures to protect their business.

In conclusion, employee theft is a significant concern that affects companies of all sizes and industries. By being proactive in detecting fraudulent practices and investing in innovative technology like EyeDetect, businesses can prevent financial losses and protect their integrity and reputation. Don’t let employee theft damage your company’s finances and reputation; take action today!

Photo by /Sebastian Hermann