U.S. Bank offers fraud seminar

“It’s important for every business customer to be aware of the challenges that their business can face,” said Lelia Voss, commercial loan relationship manager at U.S. Bank Commercial Group. “We’re offering this as an added opportunity to gain information about fraud in today’s environment.”

U.S. Bank, 417 E. St. Louis St., has invited 120 of its small-business customers to attend “How Safe is Your Business,” a free seminar that will be held June 29. The event is free and open to the public, but there is limited seating available. Interested parties should call Rebecca Harrell at (417) 868-4451.

Reservations must be made by June 27, and Harrell said there are about 20 to date.

Licensed investigator Jennifer Sanders of Paragon Investigations will present information emphasizing the importance of doing background checks, accuracy on job applications and recognizing check fraud.

The seminar is free and open to the public, but there is limited seating available.

“Hopefully we’ll be able to give them tips, signs and things to look for to make them smarter and a little more prepared on not only just providing a better workplace for their employees, but a better business, something safer for our community and the customers that come to them,” Sanders said.

Sanders said that in her 10 years as an investigator, she has seen an increase in negligent hiring, employee theft and workplace violence.

David Bowden, certified fraud examiner at BKD LLP, has specialized in fraud investigations for more than 10 years. A former detective for the Springfield Police Department, Bowden taught seminars as part of a joint effort between Springfield, Greene County and Springfield Police Department.

Bowden said small businesses are more likely than large businesses to experience losses in the area of asset misappropriation because of fewer internal controls and a trusting environment.

“In a small-business environment, normally what I have seen is that multiple duties will be entrusted to one or two individuals, and

there will be oftentimes (a) lack of adequate monitoring on the part of owners and managers,” he said. “If you don’t do basic business practices and monitoring and separating of your duties, that’s going to lead some people to misappropriate your assets.”

Bowden said, since embezzlement is recorded under state law as stealing, there are no specific statistics available to show trends in internal fraud. But he said from his own observation, internal fraud was more frequently reported the last few years he served in law enforcement than when he started.

“As the area grows, so grows the theft,” Bowden said.

In many cases, Sanders said, easy steps such as background checks and security cameras would have prevented fraud. But the preventive measure Sanders recommends the most is background checks.

“When the employer has more information about this person before they hire, you’re possibly preventing employee theft if this person has issues in their past,” Sanders said. “You’re also preventing possible negligent hiring.”

At this time, future seminars are not scheduled, but Voss said the bank will consider offering another one in the future if the customers express an interest.