Tips for employers:
Get insurance against employee theft.
Require dual signatures for checks larger than nominal amounts.
Audit petty cash regularly.
Conduct background checks of employees who will have access to financial information.
Collect and open mail yourself so you know what is in the mail.
Approve all employees and vendors who are paid through company accounts and examine canceled checks.
Make sure “courtesy checks” from banks or credit cards are properly handled and disposed of.
Regularly audit credit accounts.
Regularly rotate bookkeeping duties if possible.
Do not allow bookkeepers to take work home.
Keep unused checks in a lockbox.
Conduct regular and random audits of the books.
Back up records daily.
(Source: Marquet and San Joaquin County District Attorney’s Office)
Embezzlement facts and figures
Percentage of thefts involving employees who held finance/bookkeeping positions.
Number of years the average scheme ran before it was discovered.
Number of months of the average prison sentence.
Age of average perpetrator.
Percentage of cases involving perpetrators with criminal histories.
Percentage of perpetrators who worked alone.
Amount per month the average embezzler stole from his employer.