Do you have a fraud prevention plan in place? Have you reviewed it recently?

Do you have a fraud prevention plan in place? Have you reviewed it recently? I will be sharing a few tips that I hope may help you. Is ongoing anti-fraud training provided to all employees of the organisation? Anti-fraud training is a critical part of fraud prevention. According to the ACFE’s 2018 Report to the Nations, organisations that conducted fraud training for employees saw a 41% reduction in how much money was lost per fraud instance and a 50% reduction in how long frauds continued before being discovered. Ask yourself if employees understand what constitutes fraud and if the costs of fraud including lost profits, potential job loss and decreased productivity — have been made clear to them. Let employees know that they can speak freely without fear of retribution, and where they can go to seek advice if faced with ethical decisions. If you need assistance, please feel free to get in touch.