Fraud Prevention
You must have anti-fraud controls in place!
No company is immune to the attention of the fraudster. No business can protect itself 100% from losses resulting from fraud. Most companies will not even know that they have been defrauded!
The problem is that most frauds are committed by opportunists. This means that by building a comprehensive framework of fraud prevention controls around your accounting systems, installing a whistle blowing help line for your staff and developing a robust anti-fraud policy within your organisation you might be lucky and deter the organised fraudster from attacking you - but you will not prevent the occasion where the opportunity for fraud arises and is seized upon by a disgruntled employee.
It is essential that you do have a solid fraud prevention framework and do develop a culture of anti fraud awareness within your business – but it is equally important not to sit back and assume that these will be impenetrable to the fraudsters. Every fraud that Fraud Advisory Services has investigated is unique – there is no standard approach to a fraud that can be foreseen and blocked. It is possible to eliminate many of the obvious vulnerabilities that exist in businesses but there are always ways to circumvent even the strongest of anti-fraud controls.
But complacency encourages fraud!
What will strengthen your fraud defences is to maintain a policy of vigilence. The best stratgey is to focus some but not all of your efforts on establishing an anti-fraud framework and anti-fraud culture – and reserve some resources for ongoing monitoring. There is nothing a fraudster hates as much as a dynamic fraud prevention system. By carrying out a brief and non-routine fraud review every now and again the opportunities to commit fraud that may arise will not look so attractive to the fraudster if he thinks that the anti-fraud squad may be looking his way.
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