Fraud has many faces and it does not distinguish between
geography, industry or company size. It not only drains earnings,
but it can also significantly damage companies' most valuable
assets – their reputation and brand value. Taking the proper
measures to prevent and detect fraud in an efficient and timely
manner is critical to safely manage fraud risk.
Why does fraud happen?
Fraud practitioners often point to three common factors when
fraud occurs (the "Fraud Triangle"). The perpetrators
experience some Incentive or Pressure to engage in misconduct.
There must be an Opportunity to commit fraud and the perpetrators
are often able to Rationalise or justify their actions.
The global economic decline experienced over the last years has
contributed to the incidence of each of these three factors. The
line separating acceptable and unacceptable behavior can, for some,
become blurred, especially when someone's livelihood, or the
company's future is at stake. With
