The Fraud Management Lifecycle Theory: A Holistic Approach to Fraud Management.

Abstract

Fraud losses impact every business. Caveat Emptor, let the buyer beware, tells half the story; Caveat Venditor, let the seller beware, tells the rest. Fraud costs are passed on to society through increased customer inconvenience, opportunity costs, unnecessarily high prices, and criminal activities funded by the fraudulent gains. In short, fraud is rampant. This study developed a theoretical framework for the Fraud Management Lifecycle, examined numerous significant lifecycle stage interactions, and evaluated the lifecycle in five industries with significant economic crime. The Fraud Management Lifecycle is dynamic, evolving, and adaptive. The eight stages are: Deterrence, Prevention, Detection, Mitigation, Analysis, Policy, Investigation, and Prosecution. Effective fraud management requires a balance in the competing and complementary actions within the Fraud Management Lifecycle.

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