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Prevention & Deterrence

Prevention & Deterrence

Combating fraud before it occurs is vital to the survival of any business. Organizations should consider, enact and improve measures to detect, deter and prevent fraud before it occurs. A combined effort must be made by the board of directors, the audit committee, internal and external auditors, risk management personnel, investigators, operations personnel and others to manage the risk of fraud. 

Articles and Other Resources

The Seven Wonders of Fraud Detection Analytics

Fraud is constantly evolving. So too should our technologies for detecting and preventing it. Inspired by the Seven Wonders of the World, I present my seven favorite anti-fraud techniques. Some have been in use for over a decade, some are new and evolving — but all of them are “wonderful.”

Prevent Fraud Before It Happens: How to Train Employees to Be Fraud Detectors

As anti-fraud professionals, we are trained to find and fix the opportunities for fraudulent activity within our organizations. But there are usually only a few of us and many employees. How is a small team, or single fraud professional, supposed to deter and detect all fraud? The answer is we can’t. What if fraud awareness became every employee’s responsibility — not just the fraud professionals’?

Beyond Checking the Boxes: Establishing a Fraud Prevention Plan

Anti-fraud professionals know that while it’s best to catch fraud as soon as possible, it’s even better to prevent fraud before it happens — which is why active fraud prevention is a critical part of anti-fraud strategies for organizations of any size. Some organizations may still be afraid to raise the topic of fraud, believing that employees will be inspired to attempt to commit fraud, or assume that a large fraud occurred within their company. However, discussing fraud openly with employees is a proven way to help prevent it.

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