Consulting Services • Published 8/20/2021 Combating Fraud: The Search for a Silver Bullet

Fraud continues to be a hot topic, with high-profile cases spotlighted in the media, frequent speaking engagements lined up for our fraud team, and clients contacting us regularly for advice on how to stop fraud from happening at their organizations. The concerns are often the same:

• Are our current internal controls enough?
• What controls will eliminate fraud?
• How can my organization protect itself against fraud?
• How can I minimize the opportunity for fraud related to the COVID-19 grants/funding received by my organization?

The unfortunate truth is that there’s no “silver bullet” when it comes to combating fraud. In order to reduce the risk, your organization should implement a layered approach focused on prevention, detection, and response.

If you’re not currently thinking about fraud risk in your organization, now is the time to start. Don’t wait until you see red flags signaling that fraud could be in progress. Every company can benefit from proper planning long before fraud is initiated and/or discovered.

Fraud, Waste, and Abuse Resources

The following resources are available to help you navigate fraud risk, prevention, detection, and response:

Articles

P&N’s fraud, waste, and abuse team has published several articles about understanding and addressing fraud risk:

• Classifying Fraud
• Is Your Organization Creating a Culture for Fraud?
• Three Things You Should Know About Fraud
• Detecting Purchasing Card Fraud

Other Resources

If you're looking for more interactive resources, we recommend downloading the P&N printable guide to grant fraud, waste, and abuse and visiting the Pandemic Response Accountability Committee website.

• Printable Guide: Grant Fraud, Waste, and Abuse--Can It Happen at Your Organization?
• Pandemic Response Accountability Committee – Preventing and Detecting Fraud, Waste, Abuse and Mismanagement

Need Help?

Our team is always ready to discuss your organization’s unique situation and needs. Contact us to start a conversation about what an anti-fraud plan should look like at your organization.