What system do you have to fight fraud in your business or institution? You do not need 'evidence of fraud' before you start to act. There must be a system that keeps fraud at the barest minimum.
Fraud results in huge losses for businesses. Hence prevention and detection are crucial to reducing such losses. Fraud prevention is much easier than recovering losses after fraudulent acts are committed.
Fraud experts in the Association of Certified Fraud Examiners (ACFE) 2014 Report reveal that fraudulent activities could last an average of 12 to 18 months before detection. Can you imagine the quantum of loss your business will suffer, with an employee committing fraud for over a year without detection? Luckily, there are ways to minimize fraud occurrences by implementing different procedures and controls.
In this article, I present the 4-step model to fight fraud in business.
