Preventing, deterring, and detecting fraud: What works and what doesn’t

Abstract

Abstract A major change is taking place in the strategy for fighting fraud. The emphasis is shifting from 20% prevention/deterrence and 80% detection/investigation to the opposite ratio. The high returns on investment being achieved by companies that fight fraud vigorously suggest that an ounce of prevention is worth at least a pound of cure. Among the mistakes organizations make in their fraud prevention efforts are not assigning specific responsibility for fraud prevention; not defining clear fraud management goals or policies; under‐assessing fraud risks, particularly catastrophic ones; missing opportunities to save money through fraud reduction; and relying excessively on ineffective controls.

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