News

Small businesses more likely to be targets of fraud

Head of Bond University's School of Business Professor Kietha Dunstan.
Head of Bond University's School of Business Professor Kietha Dunstan. Contributed

COMPANY fraud perpetrated by employees or family members of Tweed business owners is a multi-million dollar business and could result in local companies losing more than $120 million per year.

A recent study by the Association of Certified Fraud Examiners (ACFE) shows small businesses were most at risk because they tended not to have the necessary controls and checks in place to prevent fraud.

Tweed Heads Chamber of Commerce president Rory Curtis said this was a touchy topic with members.

"People are not inclined to talk about this subject," Mr Curtis said.

On top of this reluctance, business owners who had been victims of this type of offence were often not allowed to comment due to court orders put in place to protect offenders' rights.

Murwillumbah Chamber of Commerce president Toni Zuschke knew of no incidents of this nature in Murwillumbah and the subject was not one that was discussed during chamber meetings.

Head of the School of Business at Bond University Professor Kietha Dunstan said "among the most concerning finding of the ACFE report is that smaller organisations are victimised by fraud more often than larger organisations and that they suffer a disproportionately large median loss".

"Major frauds tend to make the headlines but small and medium sized companies are significantly impacted by losses of far lesser amounts because they represent a much larger percentage of turnover.

"In companies or departments with a small tight-knit team employees develop trust and close relationships so they wouldn't suspect that their workmates might be secretly carrying out fraudulent activities," Professor Dunstan said.

In conjunction with International Fraud Awareness Week, Bond's School of Business will hold a special masterclass on small business fraud next week, November 28.

The event is free and open to the public and will include a panel discussion featuring three finance sector experts who will share their advice for preventing fraud in the workplace.

A corporate fraud report by KPMG showed less than 10% of stolen money is recovered and in more than 60% of cases no recovery was possible at all.

Professor Dunstan said "it's most definitely a case of prevention being better than cure when it comes to fraud".

The masterclass will take place on Wednesday, November 28 at the Gregor Heiner Theatre at Bond University from 5.30 pm until 7.00 pm.

Entry is free and for reservations contact Vesna Bragagnolo on (07) 5595 2268.

Topics:  business, fraud



NORTEC is making business simple

BUSINESS TRICKS: Felisimina Jom from Nortec Small Business Solutions wants to help small businesses in the Tweed succeed.

Find out ways your small business can succeed.

Tweed hockey star scorching

Queensland Blades' Abby Eleison, Rebecca Greiner Savannah Fitzpatrick and Jodie Kenny with the four National Championships titles.

Tweed hockey star scorching on the national stage.

Rising star wins Tweed Coast Tennis International

Lizette Cabrera's breakout title could see her receive a wildcard into January's Brisbane International

Junior on the rise after taking out Tweed Coast Tennis International

Local Partners

Why Chris Hemsworth was spotted wearing nail polish

RED CARPET: Do you think Chris Hemsworth is the typical unpolished but well-natured Aussie bloke?

He's now officially the best bloke in Australia

Testament's new album is a concept album

ROME, ITALY- JULY 27, 2016: Testament photographed at The Roman Collisseium in Rome, Italy on July 27,2016. Gene Ambo

Testament to release new album

'Baby' recreates famous Nirvana cover shot 25 years later

The baby from Nevermind album has recreated the iconic cover shot.

PREVIEW: Luke Cage origin story is a strong addition to MCU

Mike Colter in a scene from the TV series Marvel's Luke Cage.

MIKE Colter stars as latest Marvel superhero to get his own series.

Kate goes down fighting in heated Survivor elimination

Australian Survivor contestant Kate Campbell.

YOGA teacher's 'good guys' alliance fails to get off the ground.

Emily Blunt's (almost) singing career

Emily Blunt nearly became the British Britney Spears.

Casuarina sets the benchmark in Tweed market

Our property market is as strong as it's been since the crisis

UPDATE: Former rodeo champ's sale rained out, now back on

Larkhill local Ken Consiglio is having an auction of most of the things on his property.

'People kept showing up and we had to turn them away'

Couple build their own 'tiny house' for $45k

Holly Bowen and Oli Bucher built their "tiny house" themselves, only hiring a plumber and an electrician. Photo/supplied

The house, which is built on a trailer and can be towed.

Sunshine Beach property breaks real estate record

The property overlooks Sunshine Beach, as the backyard lawn meets the sand.

Sunshine Beach mansion sale smashes real estate record

SOLD: Historic hotel finds new owner

Post Office Hotel Grafton

Photo Adam Hourigan / The Daily Examiner

Pub in new hands and heading in a brand new direction

Peppers Airlie Beach put on the market

ON THE MARKET: Peppers Airlie Beach is being for recievership sale by CBRE Hotels and PRD Nationwide Airlie Beach.

Peppers Airlie Beach is being offered for sale.