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Workplace Fraud In Canada Cost $3.2B

July 01, 2012 posted by Steve Brownstein

A report  has found that workplace fraud cost small businesses in Canada $3.2 billion last year.

In addition, the report noted that roughly 290,000 small- to mid-size Canadian businesses were victims of some type of workplace fraud in 2010.

Among businesses with 500 employees or fewer, 26 percent reported being defrauded by an employee, most often through the misappropriation of company assets, inventory, or cash.

The report did not look at more sophisticated cases of white-collar crime.

The report also found that 20 percent of companies that had been victims of fraud experienced at least four cases of employee fraud during 2010.

However, the report suggested that many cases of workplace fraud go unreported.

Finally, the report found that 80 percent of small businesses are not prepared to deal with workplace fraud, while an additional 60 percent do not perform assessments on a regular basis to determine their risk levels.