Earlier this month, we discussed how low some people will go with Trust Account fraud.

Mimicking suppliers and receiving kickbacks just to name a few of the newcomers to the Trust Account fraud scene.

So as an Agency Owner or Director, how do you ensure this doesn’t happen to you?

Or worse yet, from happening right under your nose?

How to ensure fraud doesn’t happen in your Agency

As Licensee or Officer in charge, it is part of your role to ensure no funny business is happening in your Agency.

We all hope we have hired loyal and trustworthy staff. Yet sometimes, there just may be a wolf dressed in sheep’s clothing.

Here are our top 5 ways to keep on top of any potential Agency fraud from happening in your house.

  1. Conduct random audits

    Just like we loved those spot spelling bees back in school – there is nothing like a random audit to keep staff on their toes! Conduct random audits on your Agency’s rental bond ledger and cross-reference with the bond authority records.

  2. Ensure you are registered with Rental Bonds Online

    Rental Bonds Online takes the hard work out of checking your bond lodgement. It allows you to crosscheck the lodgement of all new bonds and refund of outgoing bonds.

  3. Implement user restriction controls

    Increase your Trust Accounting software security to prevent users from the option altering bank account details. Limit the accessibility to only your senior staff so you know exactly who is accountable.

  4. Compliance checklists

    Include a compliance checklist in every property management file complete with lists to be followed. This will require the person handling the property to sign off that the bond lodgement has been completed.

  5. Limit signatories

    Restrict signatories to no more than two people with the authorisation to lodge and claim bonds.

At the end of the day, it comes down to accountability and trust.

If your staff know they are accountable for certain tasks that are their sole responsibility, there is less chance of trying out any underhanded acts. If the finger can only be pointed at one person, then it makes dirty tasks pretty undesirable.

Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 25 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.