Payroll Fraud, specifically “Ghost Employees” can create a significant financial burden on companies. How much? Well, according to Occupational Fraud and Abuse, by Joseph T. Wells, Obsidian Publishing Co. Inc., Ghost Employee Fraud has the highest median loss relative to all payroll fraud schemes at $275,000 per case. If it is happening at your company, it is hurting your company. Unfortunately for those of you in retail, you are one of the most susceptible.
What can be done?
A large retail organization, one of the Fortune 500 with well over 200,000 employees, has retained Vonya Global to search for Fraud in Payroll. Specifically we will be looking for Ghost Employees which (in our methodology) includes Fictitious Ghosts, No-Show Ghosts, Pre-employment Ghosts, Terminated Ghosts, Temporary Ghosts, Family/Friend Ghosts, and Temp Agency Ghosts.
Unlike an investigation, this project is a proactive approach to fraud detection. The company has no evidence or indication that payroll fraud is occurring, however they understand that based on their size and their industry they are susceptible. Our approach takes an inventory of all payroll data and files. Once we have all the information we will segregate it into groups with similar characteristics and through detailed data analysis we will identify anomalies. We are confident that we will identify Ghost Employees and as a result return hundreds of thousands of dollars to the company.
Contact us if you would like to find out more about this project or how we would help you identify fraud in your business.
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