Five basic steps to effectively prevent fraud

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Fraud is a black hole for every company in the world. According to statistics, around 5% of companies’ revenues go to fraud.[1] This negatively affects companies’ profits. Companies generally do not take precautions or preventive measures until they face fraud. Unquestionably, it is important to detect fraud, but ideally, companies should aspire to avert fraud before it happens. In other words, preventive medicine is preferred over performing an autopsy on a dead body. Essentially, we should make the fraudster’s job very difficult. Companies and organizations should be on alert for fraud risks.

There are five basic steps and strategies for companies to prevent fraud.

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