Detecting Fraud
Fraud awareness and prevention is the process of educating people and organizations about how to recognize and stop deceptive practices.
Fraud Awareness & Prevention
Warning signs of Fraud…
Warning signs of Fraud…
Warning signs of Fraud…
- Unexplained financial discrepancies
- Unusual accounting practices
- Sudden lifestyle changes in employees
- Excessive control over financial records
- Reluctance to share information
- Suspicious vendor relationships
- Missing documentation
- Inflated expense reports
- A culture of non-compliance with internal controls
Fraud prevention tips…
Warning signs of Fraud…
Warning signs of Fraud…
- Do employee background checks
- Create a secure entry
- Safeguard your computer systems
- Reconcile bank accounts every month
- Protect petty cash and other cash funds
- Protect checks against fraudulent use
- Protect cash and check collections
- Restrict use of credit cards and verify all charges made
- Avoid or discourage related party transactions
- Prepare all fiscal policies and procedures in writing
- Use a system of checks and balances over all financial transactions
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