Fraud’s five lessons

Organisations worldwide lose around five percent of their annual revenues to occupational fraud. Apply that to the world’s 2013 Gross Product figures and that translates to a potential total fraud of more than $4 trillion.  Based on the findings of its 2014 Report to the Nations on Occupational Fraud & Abuse, the Association of Certified Fraud Examiners (ACFE) says there are five top lessons business owners, directors and managers should heed to better protect themselves from fraud risk.

Those five lessons include implementing a fraud hotline; being aware of red flag behaviours; not depending solely on external audits; be vigilant if you are a small business owner and, focus on prevention not recovery.  It’s an interesting report.

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