.png)
Fraud
Unless you know what the signs of fraud are it is highly likely that that you may not know that fraud is going on inside the business. Experienced fraud investigators will tell you that there are some very common characteristics of the typical fraudster and being aware of them is an essential ingredient of prevention.
​
A recent survey conducted by PricewaterhouseCoopers (PwC) in 2022 found that 51% of respondents admitted to being the victim of some type of fraud or economic crime in the previous 24-months. The report from PwC suggested that “The upward trend in economic crime may reflect changing business operating environments over the last two years, due to factors such as COVID-19 and the increased use of technology and remote working.”
A fraud risk assessment will identify any weaknesses in business fraud and security processes. It will also identify any potential exposure to fraud and breaches of security and, if there are, they can be rectified before it becomes too late.
So how do you know if your business is exposed to any of these threats or risks? Most businesses only discover these threats or risks once they materialise and by then, it is generally too late, with the inevitable consequences of:
-
Loss of business value
-
Loss of jobs
-
Loss of reputation
-
Exposure to potential legal action (both civil and criminal)
There are a number of fraud “red flags”, the most common being:
​
-
Living beyond one's means
-
Financial difficulties
-
Unusually close association with a vendor or customer
-
Excessive control issues or unwillingness to share duties
-
Recent divorce or family problems
-
A reluctance to take annual leave or excessive amounts of unused leave
For further enquiries, please
Play the Fraud Game now and see how many “red flags” you can identify.
​
If you are concerned about the possibility of fraud inside your business contact DISCRIMEN now and arrange for a fraud risk assessment.
​