Fraud Prevention Plan – Report Example

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The paper "Fraud Prevention Plan' is a good example of a report on social science. Most organizations tolerate zero rates of fraud and corruption. In addition to this, all cases of fraud will be applied using all the available information and making use of existing laws and controls. The controls mentioned here include checking and assessing the finances and controls that are prescribed in the systems, policies, and procedures of the given organization. The implementation of the instructions that are defined in policies that have been formulated in the organization and are seen to be followed by all people and staff in that organization.

It is a requirement that in cases where an employee suspects that a manager is involved in a fraud, then the report of the report can be made to other members of the management. Background Fraud has been reported in many firms calling for action to be taken to curb this menace. The existence of fraud has cut across all industries. From a number of researches that were carried out in commercial hotels, it indicated that nearly 67 percent of the total fraud cases committed are from insiders mainly the line managers who contribute to about 83 percent of the total fraud reported to take place within the premise.

The other remaining was place under the outsiders. Fraud related crimes have shown to the researchers that if this unethical behavior is not prevented then it will result in loss of funds. Studies that were done between 2005 and 2010 revealed that up to $10,000 are lost every day as a result of fraud. This is, therefore, calling that measures be taken to minimize this crime.

Suppliers contribute 43 percent of the total, outsiders being 22 percent and 35 percent from insiders. The research further explained that a larger proportion of fraud occurs either between the staff and a client or supplier and a line manager or job seeker and a manager. All the cases are committed with the aim of favor of something than other colleagues. Threats Any crime committed has a negative impact on the progress of a business. The costs that are lost as a result of fraud cases are too much in that if it is not prevented earlier then it will soon call for closure.

Fraud that is brought about by the outsiders with the aim of being favor in employment will pose a threat of employing people without the right skills which will at the end lead to poor management thus more loss of funds and clients through other ways.  


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