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Transcription Services Assist When Investigating Payroll Fraud

Posted by on 9 October 2017 in Legal Transcription

Payroll FraudPayroll Fraud Often Goes Undetected

Who is most likely to cook the books in your organisation? You may be surprised to learn that payroll, even in small to medium size enterprises, is often at the root of fraud. In fact, payroll fraud is now so prevalent that the 2016 ACFE Global Fraud Study flagged up how many payroll scams are detected by internal audits – very few.

The figures are startling. The study found that just 12% of frauds, in small businesses, are detected by internal audits. With the figure rising to a measly 18.6& in larger organisations.

What Does This Mean?

Alphabet Transcriptions Specialists provides voice to text documentation for HR professionals and businesses, as well as law enforcement agencies. Don’t shy away from asking questions, or checking the figures, if a member of your payroll team is reluctant to take a holiday and insists on working all hours. Are they genuinely committed to the business, when they arrive early and stay late, or just working overtime to ensure nobody can find out what they have been up to?

We always advise our clients to be aware of and to look out for the three most prevalent types of payroll fraud: ghost employees, false wage claims and false claims for expenses.

Always Prosecute Payroll Fraudsters

Because payroll fraud is usually extremely costly, a fraudster should never be let off the hook. They could do exactly the same to their next employer. Our advice is for businesses to have checks in place to flag up any irregularities as soon as they happen.

If an employee is suspected of fraud, any conversations or disciplinary hearings should be voice recorded, so that discussions can be transcribed for potential future use in court.

Don’t Leave Anything to Chance

Having a clear chain of accountability can reduce the risk of payroll fraud. However, if you become suspicious, taking discreet action immediately can reduce financial losses and cut short the fraudster’s opportunity to cover their tracks. It is extremely important to keep sensitive information completely confidential by having any recordings transcribed outside of the organisation.

Alphabet Transcription Specialists provides an all-important impartial and confidential transcription service for enterprises that suspect they may be a victim of payroll fraud.

Find out more by contacting Alphabet for free, no obligation advice on +44 (0) 1707 260027.

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