Fraud Prevention Tip #50: The Three Key Components of an Anti-Fraud Program

Fraud Prevention Tip #50: The Three Key Components of an Anti-Fraud Program

Somewhere out there, your organization is probably being targeted for fraud right now. Internet-based hackers, international organized crime organizations, and even a small percentage of employees all see your assets and information as too tempting to ignore. But what are the three most important things you must do to deter these barbarians at the gate […]

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he Anti-Fraud Toolkit Structure

Fraud Prevention Tip #42: Be Ready to Respond

Here’s an exercise that will keep you awake at night. Assume that despite your best efforts at fraud prevention, you get hit anyway. What should you expect when fraud is detected? Explode False Beliefs Start by exploding these three myths: 1. We’re ready to address what might come up 2. The authorities will take care […]

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board members

Fraud Prevention Tip #41: Train Your Board Members

There is an assumption that once an individual is accepted into a Board position, they are qualified to provide governance oversight of the organization’s anti-fraud efforts. But for most Board members, nothing could be further from the truth. History is filled with examples of corporate corruption and fraud at the highest levels that occurred right […]

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Avoid Form Over Substance in Managing Risks

Fraud Prevention Tip #39: Avoid Form Over Substance in Managing Risks

I’ve been a professional auditor for almost 40 years. And I’ve seen it over and over and over again – hundreds if not thousands of times. Form over substance controls and behaviors targeting fraud risks. Here’s what I mean: • Two signatures are required on transactions over a threshold like $5,000. But neither signer knows […]

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Approving Purchasing Card Transactions

Fraud Prevention Tip #38: Approving Purchasing Card Transactions – Good Questions to Ask

The use of Purchasing cards or P-Cards for small dollar transactions makes a lot of sense. The cost per transaction is significantly less than that incurred when a requisition, purchase order, invoice and check payment takes place. But with the convenience of P-Cards comes an elevated risk of abuse and fraud. Compounding the risk is […]

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