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

Preventing, deterring, and detecting fraud: What works and what doesn’t 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Investment Compliance Emerald Publishing

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

Journal of Investment Compliance, Volume 5 (2): 8 – Apr 1, 2004

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Publisher
Emerald Publishing
Copyright
Copyright © 2004 Emerald Group Publishing Limited. All rights reserved.
ISSN
1528-5812
DOI
10.1108/15285810410636073
Publisher site
See Article on Publisher Site

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.

Journal

Journal of Investment ComplianceEmerald Publishing

Published: Apr 1, 2004

Keywords: Financial institutions; Investments; Investment funds; Investors; Investments

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