5 tips to prevent fraud in your company
Posted: Sun Jan 19, 2025 10:39 am
In recent years, the number of companies that have suffered losses due to theft and scams has grown considerably, resulting in an increase in the search for fraud prevention procedures.
In fact, a survey recently carried out by the risk consultancy Kroll revealed that, in 2016, 68% of Brazilian executives identified fraud in their companies , and 92% of them also believed that there was an increase in the exposure of companies to fraudulent schemes.
Although alarming, the number can be explained by the absence of stricter internal governance controls, such as audit processes, training and actions capable of promoting ethical conduct practices.
With this in mind, we have gathered in this post some truemoney database tips to ensure more efficient fraud prevention in your company, in addition to, of course, the importance of these measures for the health and success of the business as a whole and its image in the market in which it operates. Enjoy reading!
1. Invest in audits to prevent fraud
Just like a study released in 2010 by KPMG , which revealed that only 25% of fraud cases were discovered through companies' internal controls, Kroll's most recent research also reinforces this fact. The majority (43%) were revealed by external auditors, who are responsible for evaluating the company's contracts, documents and information.
With this in mind, don’t think twice about counting on their support to prevent fraud in your company.
2. Establish codes and policies
Nowadays, most companies have a code of ethical conduct to guide their employees ' practices . The document helps to clearly define the values, objectives and mission of the business. However, the rules are not always followed. Often, the management itself fails to observe these principles.
In this context, more than a document, it is important that all team members are trained to know the organization's code of ethics, in order to ensure that values are respected and, above all, that the company acts in a transparent and correct manner.
3. Create an anonymous reporting channel
A secure anonymous reporting channel plays a key role in preventing fraud. There are now software programs on the market that allow you to receive anonymous information via a specific email address.
Additionally, it is possible to include a ballot box for people to deposit unidentified notes. With the data in hand, it is possible to evaluate all complaints in a more direct and objective way.
4. Check the documents before signing
This tip, although old, is always very useful. It is not enough to take a quick look or blindly trust what you are signing. You need to read and reread each document to avoid forgery and, most importantly, the improper sharing of confidential information.
In fact, a survey recently carried out by the risk consultancy Kroll revealed that, in 2016, 68% of Brazilian executives identified fraud in their companies , and 92% of them also believed that there was an increase in the exposure of companies to fraudulent schemes.
Although alarming, the number can be explained by the absence of stricter internal governance controls, such as audit processes, training and actions capable of promoting ethical conduct practices.
With this in mind, we have gathered in this post some truemoney database tips to ensure more efficient fraud prevention in your company, in addition to, of course, the importance of these measures for the health and success of the business as a whole and its image in the market in which it operates. Enjoy reading!
1. Invest in audits to prevent fraud
Just like a study released in 2010 by KPMG , which revealed that only 25% of fraud cases were discovered through companies' internal controls, Kroll's most recent research also reinforces this fact. The majority (43%) were revealed by external auditors, who are responsible for evaluating the company's contracts, documents and information.
With this in mind, don’t think twice about counting on their support to prevent fraud in your company.
2. Establish codes and policies
Nowadays, most companies have a code of ethical conduct to guide their employees ' practices . The document helps to clearly define the values, objectives and mission of the business. However, the rules are not always followed. Often, the management itself fails to observe these principles.
In this context, more than a document, it is important that all team members are trained to know the organization's code of ethics, in order to ensure that values are respected and, above all, that the company acts in a transparent and correct manner.
3. Create an anonymous reporting channel
A secure anonymous reporting channel plays a key role in preventing fraud. There are now software programs on the market that allow you to receive anonymous information via a specific email address.
Additionally, it is possible to include a ballot box for people to deposit unidentified notes. With the data in hand, it is possible to evaluate all complaints in a more direct and objective way.
4. Check the documents before signing
This tip, although old, is always very useful. It is not enough to take a quick look or blindly trust what you are signing. You need to read and reread each document to avoid forgery and, most importantly, the improper sharing of confidential information.