Which methods of FRAUD PREVENTION work? Such as to prevent any recurrence of fraud? How can I assess the risk of fraud?
Unbelievable but true – independent studies show that 5% of turnover is lost every year to fraud. The damage caused is both material and immaterial.
THE BAD NEWS: Prevention measures that prove highly effective for one company may not have the same effect in another setting. This is due to reciprocal effects which numerous studies have enabled me to identify.
THE GOOD NEWS: Some fraud prevention measures work (virtually) everywhere. Deployed in a targeted manner, a handful of these can have a big effect.
The complexity of fraud prevention is something that hits me again and again. So condensing such a diverse field into one brief article is naturally challenging.