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From freebies for mates to $150,000 fraud, employee theft costs Australian business billions

From freebies for mates to $150,000 fraud, employee theft costs Australian business billions

From freebies for mates to $150,000 fraud, employee theft costs Australian business billions

IF YOU’VE ever taken a pen, notepad, stapler or even a Post-It note home from the office, you’re part of a problem costing employers $1.5 billion a year.

According to the Australian Federal Police, staff and former staff are responsible for 70 per cent of business fraud, while the Australian Retailers Association estimates 55 per cent of stock shrinkage is due to employee theft.

“Employee theft is a reality that all kinds of businesses have to deal with,” said Michael Wilkinson, senior adviser with workplace relations firm Employsure. “It may take the form of a cashier ‘forgetting’ to swipe a friend’s purchase or an employee funnelling thousands of dollars into a personal bank account.” Read the full article here.

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