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Cost-Efficiently Reducing Fraud Risk: Recent local headlines have sparked a surge in organizations seeking information about fraud training. In my concise article, I delve into the process and reveal how it can significantly mitigate fraud risks. Read it now: https://lnkd.in/enUC-Gt4 After reading, if you’d like to explore further, feel free to connect with me directly via LinkedIn or use the contact us form on the article's page. Let’s combat fraud together! #fraudtraining #fraudawareness #fraudrisk #fraudprevention

Top 4 Internal Controls That Reduce Fraud Losses as outlined by the Association of Certified Fraud Examiners (ACFE) 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 top four internal controls that reduce fraud losses and can improve detection:  Surprise audits  Financial statement audits  Hotlines Proactive data analysis https://lnkd.in/epi_6eBr #ACFE, #Fraud, #Audit, #Internal_controls #Risk_management

Fraud Week is the perfect time to remind ourselves on how important fraud prevention is to society as a whole. Anti-fraud professionals estimate that the typical organization loses 5% of its revenue annually to fraud. Preventing fraud isn't a responsibility that falls solely on management, the board of directors, the investigations team, or the audit team. It is a collective effort that involves each and every one of us. What Constitutes Occupational Fraud? 📌Asset Misappropriation 📌Corruption 📌Financial Statement Fraud Why Do People Commit Crime? Fraud Triangle Theory suggests 3 elements must be present for occupational fraud to occur: 1️⃣Pressure (non-shareable problem, typically financial in nature) 2️⃣Opportunity (perceived ability to commit fraud) 3️⃣Rationalization (to justify or excuse their behavior and to maintain a positive image) , What Are Behavioral Red Flags of Fraud? 👉Living beyond means 👉A close personal relationship with vendors or customers 👉Control issues or an unwillingness to share duties What Can We Do to Protect Our Organization? ✅Conduct fraud training and raise awareness ✅Be aware of red-flags and trust your professional skepticism ✅Report/Review irregularities Let's use this Fraud Week to reinforce our commitment to fraud prevention and to remind ourselves of the importance of staying vigilant.🛡

🔍 Why Fraud Investigation Matters More Than Ever 🔍 In a world where fraud can strike anytime and anywhere, having a solid fraud investigation process is essential. It's not just about catching the bad guys; it's about protecting your business's assets and reputation. Fraud investigators are on the front lines, diving deep into suspicious activities and uncovering the truth. Their work helps recover losses, improve internal controls, and build stronger, more resilient organizations. Here’s why effective fraud investigation should be a top priority: Safeguard Your Assets: Quick and thorough investigations help minimize financial damage and protect what’s valuable. Build Trust: Transparent handling of fraud cases reassures everyone involved, from employees to clients. Strengthen Systems: Spotting and addressing vulnerabilities helps prevent future issues and fortifies your defenses. Investing in strong fraud investigation practices is not just a reactive measure—it’s a proactive strategy for long-term success. Let’s recognize and support those who help keep the businesses safe and secure. #FraudInvestigation #BusinessSafety #RiskManagement #CorporateEthics #FinancialProtection

To help raise awareness about fraud, here are some important findings from the ACFE's Occupational Fraud 2024 report: They analyzed 1,921 real fraud cases across 138 countries, revealing total worldwide losses exceeding $3.1 billion. Further insights to follow. Ø More than half of work-related frauds occur due to lack of internal controls or an override of existing internal controls. Ø The longer a fraudster has worked for an organization, the more costly the fraud. Ø 43% of occupational frauds were detected by a tip and more than HALF of tips come from employees. Ø Almost half of all reported cases 48% included CORRUPTION Ø CFEs estimate that worldwide organizations Lose 5% of revenue to Fraud each year Ø A Typical Fraud Case lasts 12 MONTHS before detection Ø The % of organizations providing fraud awareness training to staff has increased from 52% (2016) to 63% in 2024. Let's work together to combat fraud globally. #FraudAwareness##FraudPrevention####FraudDetection  For more information: (https://lnkd.in/dhJjSCMS

🌍 Join the Fight Against Fraud: International Fraud Awareness Week (Nov 17–23, 2024) Fraud thrives in silence. This International Fraud Awareness Week, let’s break the silence and take a stand against fraud together. Fraud impacts businesses, employees, and stakeholders on a global scale. This International Fraud Awareness Week, let’s shine a light on fraud risks and the tools available to combat them. 🔍 Did You Know? Companies lose an average of 5% of revenue annually due to fraud. Employee whistleblowing is the most effective way to uncover fraud—more than audits or investigations. 🔒 How Whistle Sentinel Can Help: 1️⃣ Anonymous Reporting Tools: Enable secure and fear-free reporting. 2️⃣ Fraud Analytics: Spot irregularities and patterns before they escalate. 3️⃣ Global Compliance Support: Ensure adherence to anti-fraud laws and standards. Fraud doesn’t happen in isolation—it takes vigilance and innovation to prevent it. Let’s use this week to build stronger safeguards and foster a culture of integrity. Fraud isn’t just about financial loss; it erodes trust, impacts reputations, and threatens long-term sustainability. 💼 Ready to protect your organization? Book a free demo or contact us today: 📞 +91 9867303707 ! 📩 sales@whistlesentinel.com | 🌐 www.whistlesentinel.com ! ,📝 https://lnkd.in/gJx3YVbi (Book a Free Demo) #StopFraud #FraudAwarenessWeek #CorporateIntegrity #WhistleSentinel #FreeDemo

The cost of business fraud is ramping up, said the Assoc. of Certified Fraud Examiners (ACFE). In its biannual report, the ACFE said the median fraud loss per incident rose in the last two years from $117,000 to $145,000. The good news is, more businesses have adopted fraud detection and prevention measures. The top methods of detection are tips, internal and external audits, and management reviews. The best defenses against fraud are robust internal controls, including surprise audits, management review and fraud training, the report found. Fraud training sends a powerful message to dishonest people of the intention to fight fraud where it occurs. Here’s more: https://bit.ly/3Ka4xME #BusinessFraud #FraudPrevention #ACFE #FraudDetection #InternalControls #BusinessSecurity

The cost of business fraud is ramping up, said the Assoc. of Certified Fraud Examiners (ACFE). In its biannual report, the ACFE said the median fraud loss per incident rose in the last two years from $117,000 to $145,000. The good news is, more businesses have adopted fraud detection and prevention measures. The top methods of detection are tips, internal and external audits, and management reviews. The best defenses against fraud are robust internal controls, including surprise audits, management review and fraud training, the report found. Fraud training sends a powerful message to dishonest people of the intention to fight fraud where it occurs. Here’s more: https://bit.ly/3Ka4xME #BusinessFraud #FraudPrevention #ACFE #FraudDetection #InternalControls #BusinessSecurity

Any company with business or investors in the UK should by now be seriously considering how the new failure to prevent fraud offence and related compliance requirements will impact it. We were delighted to host a session yesterday afternoon for Transparency International, bringing together leading ethical businesses and the Home Office for insights into the drafting process for the statutory guidance, likely new compliance standards and the timeline for implementation. Thank you to everyone who came and in particular thank you for the many questions raised. See below for further details or contact our team at RPC. #RegulatoryRPC