DECEMBER 2014 \ BUILDING DIALOGUE \
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ELECTRIC VEHICLE CHARGING IS THE NEXT
"MUST HAVE" AMENITY
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kickbacks, illegal gratuities and economic extortion. The
high occurrence of corruption cases is particularly con-
cerning as fraud of this nature is particularly difficult to
identify through traditional audit techniques.
So how can a company protect itself from becoming
just another statistic? The first step is to move past the
“it can’t happen in my company” mentality. Fraud affects
organizations of all sizes in all industries. Fraud can oc-
cur in any company – even yours.
But a simple change in mindset isn’t going to elimi-
nate the possibility of fraud in your company. Careful
and vigilant management review of transactions also
can provide an important fraud prevention control,
identifying unusual or suspicious items in addition to
overall business trends. Studies have indicated an effec-
tive management review can help reduce fraud losses by
more than 50 percent.
In addition to management review, construction and
real estate companies should consider implementing
a fraud hotline. Research continues to support the fact
that fraud hotlines are a cost-effective way for a compa-
ny to supplement its fraud prevention resources and can
help reduce fraud losses by more than 40 percent.
These are only two examples of fraud prevention mea-
sures; there are many others. The most important step
is to admit your company is not immune to fraud. The
second step is to effectively utilize the fraud prevention
tools already at your disposal.
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TRENDS
in Fraud
