Business Fraud: Think You’re Immune? Think Again

Goleta Valley Chamber of Commerce presents a free workshop on what to look for and how to protect yourself

By Goleta Valley Chamber of Commerce | Published on 04.01.2010

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Fraud is a fact of life in the business world, particularly in businesses with fewer than 100 employees. According to the “Report to the Nation on Occupational Fraud and Abuse,” fraud costs organizations about six cents for every dollar of revenue, which amounts to a staggering $400 billion annually.

Even though a very small percentage of people involved with the firm commit fraud, the cost of fraud and abuse to employers is about $9 a day per employee.

Protect your business by educating yourself at a free workshop presented by the Goleta Valley Chamber of Commerce from 9:30 a.m. to 10:30 a.m. April 6 in Warren Hall at the Earl Warren Showgrounds. Click here to RSVP.

Guest speakers Senior Deputy District Attorney Joyce Dudley and Tony Vallejo of Palius + O’Kelley CPAs will discuss what to look for, how to set up internal controls and who is at risk.

It has been estimated that 5 percent of the population will commit fraud regardless of the circumstances, 10 percent of the population will not commit fraud under any circumstances and the remaining 85 percent of the population will commit fraud given certain conditions.

Although there is no one profile that encompasses all perpetrators of fraud, studies have concluded that certain categories of people are more apt to perpetrate fraud.

» Married people caused three times more losses than did single people.

» Men caused four times more losses than did women.

» Managers and executives caused 16 times more losses than did nonmanagerial employees.

» Post-graduate degree holders caused losses five times greater than those caused by high school graduates.

For more information about the workshop, call 805.967.2500.

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