Happy Fraud Awareness Month

The Canadian Government has a website dedicated to the topic (see here) and the loss control advice is directed to individuals and companies. The Canadian Securities Administrators also offer information for awareness and avoiding fraud (see here) with much of this material directed at individuals. Some of it may seem like common sense, but my experience is that most successful scams are simple. So it can’t hurt to take a look. One thing I did find interesting is that none of the material that I reviewed focused on fraud schemes by employees. As this is a leading cause of loss to companies large and small (one statistic I can’t immediately locate said that the leading cause of small and mid-sized business failure in Canada involved some form of employee theft) the need for proper risk management in the area of crime/fidelity/employee theft should be paramount. If you would like to discuss risk management, loss control or fidelity insurance, please call.

Greg Shields, Partner, Mitchell Sandham Insurance Brokers, 416 862-5626