To strengthen understanding of fraudulent activities in firms
Md. Abdul Baten
Fraud is a serious issue that could bring down a company, no matter its size. Because fraud is such a monumental problem – so much so that it could even lead to the critical failure of an otherwise successful business – it's important to combat it vigorously. Fraud detection and prevention should be an ongoing initiative. In addition, while we cannot prevent every instance of fraud from happening to business, we can take precautions to minimize fraudulent activity. This paper provides insights that can significantly reduce fraudulent activities from occurring or cut losses if a fraud already occurred. Making the company policy known to employees is one of the best ways to deter fraudulent behaviour. Following through with the policy and enforcing the noted steps and consequences when someone is caught is crucial to preventing fraud. The cost of trying to prevent fraud is less expensive to a business than the cost of the fraud that gets committed.