The cost of fraud

“How to combat fraud:

As a starter: A business should seek to reduce the opportunity to commit fraud. They should know their staff. They should know their strengths and weaknesses. The employee with debt and alcohol dependency should be distanced from cash and cheque validation. To protect the employee and the employer. The employer should consider providing counselling and outside help to relieve that pressure. A caring employer is never a bad thing.

Maintenance of morale should, of course, be high on the agenda. Giving employees a reason to take ‘wages in kind’, can be avoided.

A business needs to have checks and balances. There must be systems and policies in place. They must be implemented. There should be regulation within the industry. That regulation should be effective and independent, ready and willing to punish those they regulate. Wrongdoers should be named and shamed.

This is a basic explanation of fraud, measurement, and how to reduce the opportunity, rationalisation, and relief of pressure to commit fraud. The subject is far more complicated to combat fraud. The blog post is created to provoke thought and consideration on the subject.”

Rosen’s blog - useful reads for litigants in person

In the lights of recent events in the HBOS Reading case, H4L presents this article on “The cost of fraud” by David Rosen

The Association of Certified Fraud Examiners, (‘The ACFE’), based in Texas, USA, published their bi-annual report early last year, which is a Report to the Nations in occupational fraud and abuse: The 2016 Global Study.

What is occupational fraud?

Occupational fraud is fraud that occurs in and around the workplace. It is the use of one’s occupation ‘…for personal enrichment through the deliberate misuse or application of the organisation’s resources or assets’, as defined by the ACFE.

What is fraud?

There is no precise definition. Fraud is generally considered to be wrongful or criminal deception intended to result in financial or personal gain.

The Fraud Act 2006 does not so much define ‘fraud’, but rather clarifies that if you intend to take or omit to take…

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