Foxes in the henhouse – How to combat occupational fraud

Description

Abstract: In tough economic times, it’s not surprising that occupational fraud can become more common, but it’s a significant problem even in the best of times. The latest edition of the Association of Certified Fraud Examiners’ fraud survey, which has expanded from a study of U.S. fraud to fraud on a global basis, indicates that the typical business worldwide loses approximately 5% of its annual revenues to fraud, for a potential total loss of over $2.9 trillion. This article looks at different types of fraud and the kind of environment that allows it, and shows preventive steps that can be taken. A sidebar lists behavioral “red flags” that may indicate fraud.