Preventing and Deterring Fraud

There are a number of steps that your business will need to go through to ensure everything possible has been done to prevent fraud occurring. Before you implement changes you will first of all need to undertake a fraud risk analysis and assess how fraud could and is affecting the business.

Fraud is growing and firms need to ensure the correct policies are in place to prevent further occurrences and take steps to attempt to reduce the threat and that starts with knowing the enemy. You have to understand the enemies that will look to attack your business which can be both external and internal. Once you understand who they are, especially any insider fraud, you can start to understand why they have committed the fraud, understanding the reasons behind it, if it is cultural beliefs or personal issues.

Understanding fraud generally will put you in a better position to prevent it. It is worth researching previous cases of fraud in your sector or region of the world to see how other businesses are being preventing and of possible how they are trying to stop the threats. The perfect place to obtain this kind of information would be at a fraud prevention conference where other high ranking industry players will be, you can discuss prevention methods, hear about case studies and network to bring in future business.

Once you understand fraud better and where attacks are likely to originate then you can start to put procedures in place so you may prevent future attacks occurring. The organisational fraud policy should clearly state the organisation's attitude to fraud, its determination to tackle and prevent fraud, and how it will commit to investigating and taking legal action against those found guilty of breaking the law.

The fraud policy should have a couple of key features that all employees will remember; this will help the organisation to have an effective fraud policy statement. Ensure once the policy is created that all employees are aware of the policy and in agreement to the new terms of their employment.

If you want to implement a new anti fraud policy in your organisation there are regular Marcus Evans scam conferences being held around the globe.