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On the sixth day of Christmas my consultant told me how to:

Improve my fraud prevention and minimise our cybersecurity breaches:

1. Overall by:

  • accepting that prevention is better than cure, but once a type of fraud is stopped another begins. Eliminating fraud completely is an impossible dream, but it can be minimised, and that FRAUD, the fastest growing business on the planet, is booming | C&TM File.
  • recognising that occupational fraud and abuses (also known as internal fraud) are by far the biggest source of fraud, representing $3.6 trillion globally in 2019 according to Association of Certified Fraud Examiners (AFCE) 2020 report:
    • typically 5% of revenue was lost to fraud each year
    • corruption is the most common scheme and that the typical fraud case lasts 14 months
    • anti-fraud training is vital
    • the three most common ways internal fraud is detected are: tips from employees, internal audit and management reviews
    • accept that 79% of respondents observed an increase in fraud due to COVID-19 pandemic

2. Improve fraud prevention by:

3. Minimise cyber fraud by:

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