Fraud can be a significant threat to businesses of all sizes in any industry. Construction companies are not spared and are even more vulnerable to various fraudulent activities, from bid rigging and inflated costs to payroll fraud and misuse of funds.
Many small business owners have become increasingly concerned about fraud after the pandemic. According to SAP Concur (An expense management solutions company), a staggering 85% of businesses surveyed expect the risk of fraud to continue. Making matters worse, many fraudulent acts originate from within businesses themselves.
What can you do as a construction business owner with three or more employees? You can start with essential internal controls that you can implement to safeguard your business:
