1. Home
  2. Fraud Prevention
  3. Anti-Money Laundering

Fraud – the biggest danger is your own staff and contractors

Fraud is a global business and is, particularly since the global pandemic, the fastest-growing business on the planet, is booming | C&TM File. Companies have to accept that eliminating fraud completely is an impossible dream, but it can be minimized.

Understand the Basics of Fraud

Kroll’s 11th Annual edition of their “Global Fraud and Risk Report” * for 2019/20 showed that:

  • The incidents that have significantly affected organizations in the last year were:
  • The key perpetrators of each type of threat were employees, contractors, and third parties:
  • Cybersecurity now needs to be integrated into an organization’s overall risk management strategy
  • Also, the 2015 Kroll study showed that by far the Top Driver of Increased Fraud Exposure was high staff turnover.

Improve fraud prevention

Use these three techniques:

Minimize cyber fraud

Use these six techniques:

----

* For the 2019 Global Fraud and Risk Report, Kroll commissioned Forrester Consulting to conduct an online survey of 588 senior executives who have responsibility for, or significant involvement in, determining their organization’s risk management strategies. Survey respondents were drawn from the 13 countries and regions and 10 industries listed in the report’s table

of contents.


CTMfile take: Fraud is inevitable, the only solution is to minimize the opportunities by making fraud prevention part of your company’s and department’s culture.

Like this item? Get our Weekly Update newsletter. Subscribe today

Also see

Add a comment

New comment submissions are moderated.