Top 4 Internal Controls That Reduce Fraud Losses

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Top 4 Internal Controls That Reduce Fraud Losses

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 send a clear message to employees, vendors, customers and others about the organization’s anti-fraud stance. The ACFE’s 2020 Report to the Nations not only identifies the top anti-fraud controls that can help protect organizations, but also illustrates what can happen when controls are weak or altogether missing.

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Boosting Internal Controls: 4 Ways to Protect Your Company In the New Year

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Boosting Internal Controls: 4 Ways to Protect Your Company In the New Year

According to the ACFE, a lack of effective internal controls are the primary contributing factor in nearly one-third of fraud cases. Why is this? For many companies, the issue stems from the effort it takes to change set processes. Boosting internal controls isn’t difficult, but it does involve taking time to reassess company procedures. For smaller businesses, the challenge often lies in the lack of resources or staff.  

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Weathering Human Nature's Storms: Is Your Internal Control System Intact?

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Weathering Human Nature's Storms: Is Your Internal Control System Intact?

If you see a weather forecast that a blizzard or big storm is coming, you would most likely rush to stock up on food, water and other necessities. Similarly, if you knew fraudsters were targeting your organization, you would no doubt try to anticipate their actions and prepare accordingly.

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3 Frauds You Couldn't Make Up If You Tried

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AUTHOR'S POST

Mandy Moody, CFE
ACFE Content Manager

One technique I have heard anti-fraud team leaders discuss is brainstorming fraud scenarios with their teams. In-house investigation teams will  sit down in a room and think of ways to defraud their company and carry out the frauds from the beginning to the end. This gives teams a way to step outside what they see every day and identify any potential loopholes or gaps in controls. While this exercise may prove valuable, it still doesn't capture the truly outlandish frauds out there. As many of us who read fraud headlines lately know, sometimes there are fraud stories you just can't make up.

Here are some recent news stories sure to leave you speechless:

  • A slippery slope: This lawsuit is bananas. Kmart Corp has been sued by a New Jersey company that accused the retailer of ripping off its full-body banana costume design for its “Totally Ghoul” banana men’s Halloween costumes. Read the full story.
  • YOLO: A woman who claimed to insurers that she could barely walk but was seen bungee jumping on Channel 4's Coach Trip has admitted fraud. Read the full story.
  • A carnivorous crime: A South Texas juvenile justice department employee is accused of stealing $1.2 million worth of fajitas over nine years through county-funded purchases. Read the full story.

Do you know of any ridiculous fraud stories? Share them on Twitter and Facebook with the hashtag #cantmakethisfraudup.