Construction spending in the United States is estimated to exceed $1 trillion in 2016. This level of expenditure, while very good news for the industry, brings with it an array of risks including but not limited to field labor shortages, decreased productivity, competitive pricing, inexperienced project management staff and engaging more work than a company can effectively manage.
This level of spending and the increase of cash flowing through construction firms’ bank accounts increase the risk of fraudulent banking transactions. The large dollar volumes passing through contractors’ bank accounts gives fertile ground to attack to thieves looking to steal. As laws change, technology becomes more pervasive and inexpensive; and as thieves become more sophisticated, the need to protect our bank accounts from both internal and external fraud is of paramount importance. Therefore, you need to ask these two questions: “Has your bank account been compromised, and if it hasn’t, when will it happen? “Do you have the expertise you need to safeguard your bank accounts, or should you seek the advice of an expert?”