Benefits of anti-fraud program

In fact, there are very important reasons fraud prevention is worth the effort. Here are some of them:. In the networked digital world especially, near catastrophic failures can happen overnight, as Target learned. The consequences of large failures can impose financial, reputational, loyalty, and other brand-related costs that will persist for a very long time. The cost of a fraud prevention program is tiny compared to a major failure. We see businesses competing fiercely on price in markets where the Internet provides access to commerce with a simple mouse click.

This mentality within the workforce will reduce fraud significantly. Re-Create Company Culture. Instill in your employees that fraud will not be tolerated. Pay-n-Chase Costs More. Sometimes, it may seem easier to pay for the claim. We know, there is often so much on our plate that adding another task and expense seems unfathomable. But, pursuing a suspicious claim costs much more than preventing one.

Invest in a training program and appreciate the dramatic reduction in your claims cost and case volume. Investments like comprehensive safety training are simple fixes to the daunting price of fraud.

Skip to content 16 March April 30, Employees are a valuable source of information for discovering potential fraud. According to the Report to the Nations on Occupational Fraud and Abuse , which analyzed nearly 1, cases of occupational fraud worldwide, more than 40 percent of the cases studied were discovered through tips, and employees were the source of almost half of all tips.

It is therefore important to provide anti-fraud training to all employees, especially those in high-risk areas.

Effective anti-fraud training offers several benefits.