There are several ways for dishonest workers to take advantage at work. Video surveillance can be a powerful deterrent.
No business is safe from employee fraud, and an easily opened safe or cash register isn’t the only target. The more valuable the objects and raw materials are on-site, the more likely thieves will get sticky fingers. This is perennially a major issue for the construction industry, which frequently has multiple tools and materials laying around that command a high (and ever-increasing) street value.
This guide will cover the different ways employees can fraudulently exploit their workplace and illustrate how a single investment in monitored video surveillance can deter, prevent, or prosecute crime while reducing the chances of significant financial loss.
The many faces of employee fraud
The potential for perpetrators on your payroll is as serious, if not more so, than any outside party. A glance at the employee fraud statistics is enough to wake any employer up. One or more of these frauds may already be inside your workplace:
- Thieves – 75% of workers confessed to committing workplace theft at least once, while 60% admit they’d steal if they knew they wouldn’t get caught. Some have pocketed cash or goods only once, while others dip in repeatedly – sometimes over a period of years. The result is over $40 billion in annual losses and enough financial damage to be responsible for 33% of corporate bankruptcies. They’re also hard to spot since workplace thieves often have no prior records.
- Accident frauds – These fakers seek to financially squeeze their employer for a workplace injury that never occurred or was entirely the employee’s fault. They’ll claim to have slipped or fallen (out of everyone’s sight, of course) and to have internal injuries an employer can’t disprove with the naked eye. Some may even self-harm to a degree and blame faulty equipment or lax workplace safety measures.
- Cannabis criminals – The increasing legalization of marijuana has seen a boom in dispensaries storing and selling something that has always been in demand on the street. Effectively securing such businesses against employee crime is as essential as guarding them against external attacks.
- Residential rebels – A security guard at an apartment complex might have a key that opens any door. Maintenance staff can go anywhere to work on anything. What could go wrong? The guards and janitors you’ve trusted to preserve and protect your premises may be helping themselves to company property or residents’ possessions if they aren’t being watched.
- Warehouse workers – Businesses using warehouses may be losing up to 5% of their yearly revenue to fraud. Warehouses are also often the perfect staging ground for fake accidents due to their many out-of-the-way areas and obstructed sightlines.
- Time crooks – The thieves of every business’s most precious commodity are usually considered the least impactful offenders. This is a big mistake since that commodity is time, and it’s stolen by employees arriving late, leaving early, or not performing their duties during their hours on-site. Time theft hurts 75% of employers and costs $400 billion annually.
There’s a flip side to the time thief, and that’s the time giver. Spending more time than necessary at work can be one of several employee fraud indicators. Look back over that list of potential opportunities and you’ll see that executing them successfully always depends on one thing: not being seen.
Employers who don’t install monitored video surveillance, or who do so without first creating a site plan that maximizes visibility, are turning a blind eye to activities that could put them out of business. Make sure you take action to prevent internal crime and give your site the power to counter any fraudulent claims.
Video surveillance cameras mean it’s no longer your word against theirs
Frauds are typically experienced at what they do. A single isolated incident – or many well-timed ones – can leave only circumstantial evidence, if any. Worse, two or more employees could be in on the scam together, backing each other up with alibis and preplanned stories. Perhaps the fraud(s) will even try to frame an innocent colleague.
Monitored video surveillance optimally positioned by security professionals gives employers the edge by watching assigned areas of a site and recording all activity there. Clearly visible recorded footage lets the employer easily see who did what, where, and when, even in hard-to-see areas, while keeping a record of late arrivals and early departures.
Video verification also acts as a valuable aid to law enforcement (who can use it to better identify and prosecute offenders) and insurance companies (who can see how business property was lost or damaged and pay claims accordingly). Video may also be the legal evidence an employer needs to beat a fraudulent employee accident suit.
This is no small saving: An average employee lawsuit costs $200,000, and easily faked claims can cost $20,000 at the least. That figure can increase exponentially if a cheater gets away with feigning injury and has the employer pay their lost wages, medical fees, loss of future earnings, and more.
Keep a 24/7 eye on your security video feed
Employers may not feel entirely at ease when outsourcing their visual security to off-site personnel. We understand this at Mobile Video Guard, which is why we offer optional round-the-clock access to our customers via their personal digital devices. This allows employers to check their site at any time from anywhere – a real bonus if you have one or more employees on your watch list and want to actively monitor their on-site actions.
The simple installation of cameras may be enough to keep potentially errant employees in line. This isn’t always the case, however, and for those foolhardy enough to break the rules, our state-of-the-art hardware and team of experienced surveillance agents will be there to protect your interests.
Contact Mobile Video Guard’s experts for video surveillance savings
We proudly deliver custom surveillance advice and solutions to sites across multiple sectors. From construction and commercial properties to residential, trade shows, equipment yards, and dealerships, we can help you create a surveillance strategy that fits. Contact Mobile Video Guard today and speak with an expert to learn more.