Studies conducted over the years have estimated that companies lose around six percent of their annual revenue to fraud. It is alarming and that is why a comprehensive fraud prevention strategy is essential.
Does your company have a strategy to fight against fraud? Well, it’s not enough just to detect and investigate frauds; the need of the hour is a well-rounded anti-fraud program. It is because the ways of doing fraud have become advanced. Nowadays, online fraud is pretty common and corporate is not immune to it.
Well, the corporate world has been looking towards eCommerce and fraudsters are looking for new ways of conducting frauds. There is a need for eCommerce fraud prevention. Yes, there is a need for some measures that will prevent fraud. Once a foolproof strategy is implemented, everything else will fall into place.
One of the major challenges for the fraud examiner is to convince management that the risks of fraud cannot be put too small a price on. Those who have not suffered from fraud earlier will be ignorant of the costs and risks. Management may only think in terms of the direct financial costs but need to be optimistic to look further.
Fraud can never be eliminated from business completely, just because collusion can always overcome normal managerial controls. To battle fraud, especially internet fraud needs a special and fresh approach that will need to cover all aspects of the fraud cycle:
Employees are the most likely to report if some fraudulent activity happens, so you want to give them the knowledge of identity theft to help the company as an essential part of your fraud prevention program. And while some of the fraud prevention efforts are designed to stop employee fraud, investigations of suspected fraud should deter others from committing fraud.
Check out some Ways to Prevent Fraud!
One of the best ways to develop procedures that are effective when it comes to preventing corporate fraud is with the help of an experienced anti-fraud professional who has investigated hundreds of frauds to develop the most effective and most relevant and anti-fraud controls including:
Corporate Frauds have turned into a threat to organizations in the highly competitive digital environment. Increasing business & technological complexities and uncertain economic conditions have made the corporate highly vulnerable to fraud and corruption globally.
There need to be some workshops to focus on detection and prevention of corporate frauds. It will help out the participants to get well-versed with the technique and successful tactics of detecting potential frauds and combating fraudulent activities that may possibly happen in any organization. The workshop will give you focused solutions that can be immediately put into practice to stop frauds through case studies of real corporate frauds that have occurred in the recent past.
Key Areas to concentrate on corporate fraud prevention:
- Use of data analytics for fraud detection as well as prevention
- Hands-on learning on corporate fraud control through real-life examples and case studies
- Forensic accounting and auditing techniques
- find modern techniques for creating an effective fraud risk management programme
- Key fraud risks in organizations – Assessment & Management
- Identifying red-flags to potential frauds and evaluating fraud risk mitigation
- Latest techniques and trends in corporate fraud detection
- Cybersecurity threats and how to battle the risks involved
So, these are some points that can contribute to the success of an effective corporate fraud prevention strategy.