fraud in the construction workplace what is it? how do you spot it? how do you avoid it?

Fraud in the Construction Workplace

• What is it?

• How do you spot it?

• How do you avoid it?

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

Fraud: How to spot it.

• Bank Reconciliations

• No time off

• Change in lifestyle

• Lack of explanation for change in numbers

Fraud: How to prevent it.

• Division of Duties

• Frequent Bank Deposits

• Match payment with documentation

• Basic background checks

Questions?

Thank you.

Slides by Krueger & Smith

fraud in the construction workplace what is it? how do you spot it? how do you avoid it?

fraud yearly slide

bank reconciliations

lifestyle lack of explanation

deliberate deception

krueger smith

construction workplace

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