Discovering fraud is an employer’s worst nightmare. Many business owners think fraud will never happen to them and may experience confusion when it does. Business owners encountering fraud for the first time are often at a loss for what to do next and can end up making crucial mistakes in …
Fraud can be difficult to detect. According to the Association of Certified Fraud Examiners (ACFE), the average time from the commencement of fraudulent activities to detection is 14 months. Massive losses can occur over that time, severely damaging businesses, and their financial stability, causing a host of other problems. An …
Whether you are a part of a large corporation or a small business, fraud can have a big impact. Financial loss is the top concern and top of everyone’s minds, but there are a host of other problems that can damage your business. These issues highlight the importance of fraud …
South Africa has maintained its reputation of high economic crimes, claiming the #1 spot globally in 2016 and 2018. A whopping three out of four companies claimed they had experienced some kind of fraud or economic crime in their organization, leaving only 23% of companies fraud-free. With a 75% chance …
After eight weeks of discussion about fraud prevention and detection it almost seems impossible to accept that, where an organisation has taken appropriate steps of fraud prevention, it can still occur. The unfortunate fact is that, no matter how good your prevention measures are, the 10% who will always commit …
Of all the tools in the fraud prevention arsenal I would guess that fraud hotlines or fraud reporting channels are probably the most publicised and debated. There are many managers and executives who are disillusioned by the relevance of the information that has been obtained via fraud reporting channels. There …
I have recently had the pleasure of assisting a client to recover in excess of one million Rand in duplicated payments. I was also able to alert the client to seven unexplained and apparently undisclosed relationships that employees had with suppliers and I could point the client to a multitude …
By Glen Moulton, Sole Proprietor of The Fraud Triangle Forensic Services The essence of successful planning is not detail but flexibility. This is as true of fraud prevention plans as it is of complicated battle plans. The simple reason is that the enemy, the fraudster, is human too and we …
Practical Fraud Prevention Strategies – Part four in a series By Glen Moulton, Sole Proprietor of The Fraud Triangle Forensic Services “Most South Africans believe dishonesty is the route to business success”… Believe it or not, the above quote was a core finding in the Financial Mail’s Financial Business Ethics …
Practical Fraud Prevention Strategies – Part four in a series By Glen Moulton, Sole Proprietor of The Fraud Triangle Forensics The poorer the understanding of the business, the greater the risk of fraud because management who is responsible for implementing the controls have not properly understood the fraud risks and …
