Skip to main content

#9 Don’t Panic over fraud!

By 30.10.2020November 4th, 2020Journey

“One of the smartest ways to save money is to stop losing it resonates more than ever today.  As we all navigate a pandemic which we will overcome, focussing on those costs which are essential to growth and survival is more important than ever.  And there is no better time to calmly remove the wasteful costs of fraud.

Eliminate the wasteful costs of fraud now (panicking is not productive)

All over the world we are hearing that Financial Crime is greater than ever…no surprise given that criminals and cyber-fraudsters, and also many suppliers, middlemen, customer etc, are desperate for cash.  But nobody needs to feel lost or caught off guard.

Three smart things which every organisation can do (to remove panic about fraud!)

  1. Step up internal efforts to identify early warning signs where your organisation is losing money to fraudsters as well as greedy suppliers, middlemen, customers…
  2. Motivate and educate everybody around you in your organisation to help to guard against and spot attempted fraud before it spreads…and save money now
  3. Revolutionise the way fraud is investigated by taking charge internally, look for effective and fast resolutions and avoid investigations which spin out of control

Whether you are a board member, manager or “one of the people”, everyone has a valuable part to play in defending our own organisations against the outside threat of fraud. Our own hands-on experiences over the last few months proves that this more mindful approach to dealing with unethical behaviour really works, is more sustainable- and brings significant value back to the organisation.

Join the Aspiring Fraud Detectives community!

Participate in an Aspiring Fraud Detectives workshop on 7th December 2020, have your say and hear the experiences of leading experts in their field including Steve Swientozielskyj, Centenary Year President of The Chartered Institute of Management Accountants. You can register here for this 50 minute Live-Online event.

Join an event where B4 is contributing to International Fraud Week 2020 such as the Oxford Fraud Conference (12th November), and “Fraud Detection in the Age of AI” (13th November) and “How Everyone Can be a Successful Fraud Detective” (18th November).