The pandemic has upended the way we work, and created an environment that gives employees or other parties the opportunity and incentive to commit fraud.
The Covid-19 pandemic has affected the level of fraud and how organizations are tackling it. The Association of Certified Fraud Examiners (“ACFE”) in its report, The Next Normal: Preparing for a Post-Pandemic Fraud Landscape, found that 51% of organizations polled have uncovered more fraud since the pandemic began.
Recognizing the behaviors displayed by fraudsters can help organizations more effectively detect fraud and minimize their losses from the misappropriation of corporate assets.
Proactive anti-fraud controls play a key role in an organization’s fight against fraud. While the presence of these mechanisms alone does not ensure that all fraud will be prevented, management’s commitment to and investment in targeted prevention and detection measures sends a clear message to employees, vendors, customers, and others about the organization’s anti-fraud stance.
Before your business borrows money, you need to know your current cash flow. You also need an accurate cash flow projection, which is made possible by the latest accounting software solutions.
Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, according to the Association of Certified Fraud Examiner’s (“ACFE”) 2020 Report to the Nations Global Study on Occupational Fraud and Abuse.