Ten Early Warning Signs of Fraud in Organizations - Slide 5

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Whether it is archive data or cross reference checks that are missing or wrong; factual inconsistencies will also occur naturally. The cheats who seek to defraud an organization will use the possibility to explain such inconsistencies and hide their fraud.

ACTION: Make sure that all files are electronically stored, with appropriate backups as part of your compliance systems and that no-one has the access to any files that include a DELETE capability. It is also worth having internal or external auditors sample check key files from time to time as a part of the audit program. In addition arrange for the HR department to make it a gross misconduct issue to destroy data without recorded approval from above. This may not deter the fraudster but if nobody else is doing it the fraudster is more likely to be spotted at an early stage.

Anti-fraud consultancy UKFraud.co.uk has published a list of 10 common early warning signs that could alert management that fraud may be occurring in their organization. The list draws upon UKFRAUD.co.uk’s substantial experience across an international client base, ranging from major financial institutions, public sector bodies and corporations to SMEs and non-profit making organizations. The list works on the assumption that whatever tools they use, be it IT-based cons and false accounting or other traditional scams, the warning signs are often the same. As UKFraud.co.uk believes that awareness of the signs and a sound approach to countering them can often deter many opportunistic incidents of fraud, it has published the list to help executives benchmark their own operations. Suggested actions that can be taken to counter the risk of fraud are given following each sign.

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