Fraud Prevention

A Global Fraud Study released by the Association of Certified Fraud Examiners recently determined that modern businesses are susceptible to losing an average of 5% of revenue each year to fraud – that’s a $3.6 trillion total annual loss.  These staggering numbers underline how important it is to identify any risk of fraud at an early stage and enable protection procedures to save money and hassle down the line.

While security experts agree that up-to-date technology is the best protection against increasingly advanced cyber threats, organizations are also encouraged to invest in employee training for fast threat detection from within. Many networks are too large to prevent every attempt, so detection awareness is essential: employees should be wary of any suspicious emails, phone calls, or pop-up alerts they may come across.

Today, mobile technology is the new frontier of harnessing data for faster insights. Especially in remote or developing areas of the world, smartphones and other mobile devices are not only increasing the accessibility of information, but also the number of witnesses in any given network who can report against fraud. An excellent example is the Integrity app, which aims to give the average citizen access to Work Bank-financed projects – and the opportunity to report on concerns of fraud where they may be.

As our global community continues to expand, it is vital to have the proper plans in place to ensure organizational integrity and financial stability, both digitally and in person. For more tips on preventative measures or information on the best anti-threat solutions, please contact your dedicated Planson account team.