author: programming

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Ten Early Warning Signs Of Fraud In Organisations

Posted: 22 Oct 2011 12:33 PM PDT

Anti-fraud consultancy UKFraud has published a list of ten common early warning signs which could alert management that fraud may be occurring in their organisation. The list draws upon UKFRAUD's substantial experience across an international client base, ranging from major financial institutions, public sector bodies and corporations to SMEs and non-profit making organisations. The list works on the assumption that whatever tools they use, be it IT based cons and false accounting or other traditional scams, the warning signs are often the same. As UKFraud believes that awareness of the signs and a sound approach to countering them can often deter many opportunistic incidents of fraud, they have published the list here to help executives benchmark their own operations. In the list suggested actions that can be taken to counter the risk of fraud are given following each sign. The early warning signs can include: 1. ERRATIC REPORTING: This sign is just as applicable to suppliers and contractors as it is to internal departments and functions within the organisation. Erratic, incomplete, late or excuse laden management reporting is often a classic sign that something is wrong. One of the possibilities is the existence of fraud. Further investigation will reveal that [...]