When you first hear about the phenomena of ghost employees, you might wonder just how many businesses actually have a problem with paranormal activity. There may be plenty of staffers at your place of business that dream of coming back to torment their bosses in the afterlife, but you’ve never heard of an actual case of corporate haunting. In truth, there’s nothing supernatural about ghost employees and ghost vendors. They exist more like ghosts in the machine, nothing more than numbered codes that translate into fraudulent paychecks. Here’s how these fictitious characters could be costing your company millions. Great Accounting Company in Singapore does not have illegal activities to conduct for the work. The spending of the money is on hiring the companies. The use of the correct machine will provide the perfect results to the clients. the understanding of the characters is great with the machine learning.
Okay, so it’s rather unlikely that anyone could get away with stealing millions of dollars without anyone noticing. Large corporations have a system of redundancies that makes this type of theft unrealistic (at least in the long term) and small businesses would notice if a goodly sum of money suddenly went missing. But that doesn’t mean a crafty con artist in charge of payroll can’t find ways to skim quite a bit in the guise of employees and vendors that don’t exist. Even worse is if they get employees and vendors that do exist in on the scam.
While a motivated perpetrator could certainly devise ways to create fictitious workers at the company, such fraud is certain to be discovered sooner or later. But if he instead uses actual employees or vendors that are already in the system, the scam could go on a lot longer with no one being the wiser. If someone with the authority to edit work hours in the system or approve changes to payroll were to convince employees and vendors to join him in such a scheme, all he would have to do is claim they worked more hours than they did, have paychecks issued for the false overtime, and then get the individuals named on the checks to cash them and split the additional monies. Everyone wins (except the employer), at least until the fraud is uncovered (if ever).
Of course, perpetrators of this type of accounting fraud could also issue checks in the names of anyone willing to cash them, such as family members, friends, or even colleagues at other companies. Virtually anyone with a tax ID number qualifies. All these thieves really need is someone with identification that matches the name on the check in order to cash it. So technically, a skilled con could create any number of aliases with fake IDs, use his own photo and signature, and virtually pay himself, cutting out the third party (and their stake in the proceeds). And if your company uses electronic forms of payment (like direct deposit or PayPal) he could set up any number of dummy accounts to shift numbers and funnel money back to himself.
Most people are perfectly content selling stock options or taking on a second job to make more cash, but devious employees that are either crazy enough to risk their own necks (or stupid enough to believe they won’t get caught) could get away with a lot of scratch before even a vigilant business owner realizes what’s going on. However, you can put in systems of checks and balances and company policies that will eliminate cases of ghost billing. At the very least you should be able to ensure that anyone engaging in such activity is promptly discovered and brought to a halt.