Our electronic universe is a blessing in many ways, allowing us to work and communicate faster and more effectively. Unfortunately, technology also opens up new avenues for information, goods and money to be stolen or misused. Fraud and cybercrime are on the rise, local experts say, so it’s smart to shore up your defenses and protect your business from inside and outside threats.
Mueller Prost CPAs + Business Advisors has a great deal of experience helping clients safeguard their assets by blocking activity from would-be criminals, says certified fraud examiner Angie Abfall. The company also uses forensic accounting techniques to uncover financial crimes that already have happened. “We use our accounting, auditing and investigative skills to analyze situations where fraud and other problems are suspected,” she notes. “We can go through evidence such as computers, ledgers and other records to trace fraudulent activity and identify people who are doing things they shouldn’t.” The findings then can be used to build a legal case against suspected guilty parties, she says.
Vice president and managing partner Mike Prost says business owners and managers should stay alert to signs of possible theft and other fraudulent activity at work. “There are red flags in most cases,” he says. “You might notice changes in an employee’s lifestyle, like living beyond his or her means, gambling or taking expensive vacations. There might be someone who is always staying late or coming in when the office is empty. Or someone who keeps tight control over duties like payroll and won’t train anyone else to help.”
Prost says the word ‘fraud’ often implies a singular event, but most crimes happen over a period of time. “Fraud usually becomes a pattern for those who commit it,” he explains. “The average length of time it occurs is about 18 months, but we’ve seen cases where it went on for years before anyone found out.” Often, criminals test the waters with small thefts and then become bolder and steal more if they aren’t caught, according to Prost. “They like to get to a comfort level,” he says. “An employee might steal $10,000 a month for years, but if it’s a large company with many millions in revenue, an amount like that might be overlooked.” To help guard against such threats, Mueller Prost can perform fraud risk assessments to unmask a company’s vulnerabilities and recommend solutions. “If employees see that you are monitoring and testing your systems for fraud, they will be less likely to commit it,” Abfall says.
Cybersecurity is another area where Mueller Prost helps clients protect what they value. Companies easily can fall prey to phishing schemes, keylogging, ransomware, credit card crime, password breaches and other electronic attacks, so it’s important to work with professionals who can help prevent these activities. “Our staff handles encryption, patches and other protective services to eliminate problems,” Prost says.
He notes that trust and security are the lifeblood of any business. “Our clients range from mom-and-pop companies to firms with thousands of employees,” he says. “But for all of them, the message is the same: awareness and prevention are the key to continued success.”
Clayton-based Mueller Prost CPAs + Business Advisors provides professional cybersecurity, fraud prevention and investigative services to a diverse range of clients. Pictured on the cover: Managing partner Mike Prost and certified fraud examiner Angie Abfall. For more information, call 800.649.4838 or visit muellerprost.com.
Cover design by Allie Bronsky | Cover photo by Tim Parker Photography
Pictured at top: Angie Abfall and Mike Prost work on a case.
Photo: Tim Parker Photography
