How to Prevent Scams and Frauds in a Business / Organization?

Often, most of the business becomes a victim of one or other type of internal frauds & scams because they ignore the necessity of putting a proper fraud deterrent and fraud prevention system in their business or organization thus they become the victim of the fraud done by one of their employees or any outsider.

Thus it is very necessary for a business to follow a proper fraud prevention strategy, especially for the small businesses because such frauds prove to be fatal to small business and it becomes very difficult for them to recover from such big losses.

Today many cases of cheating, forgery, identity fraud, internet fraud have been taking place thus it has become necessary to put a proper and effective fraud deterrence system for preventing fraud in commercial organization. Most of the times the employees, managers, loyal persons, whom we trust upon, turns out to be cheater taking advantage of the garb of the loyalty.

Thus it is necessary to formulate such fraud prevention strategy so that such losses can be avoided, if you do not know about the fraud prevention strategies and fraud deterrence mechanisms then it is better to hire a fraud investigation and fraud prevention specialist.

For more information on preventing fraud in banks, business, insurance company, corporates and other organizations visit website of UKFraud or contact Bill Trueman who is an independent payments, fraud and risk specialist working globally.

Why Fraud Management System is Necessary for a Business & Company?

fraud detection techniques

Detect fraud before it is too late for your company. Putting fraud prevention system in a company or organization is very necessary for its sustainable growth.

As part of a continuing drive to inform the commercial world about fraud prevention policy, tactics and risks, UK Fraud has published a list of common fraud misnomers. These include:

1. Every Country Possesses A ‘Fraud Fighting Champion’

Who controls, monitors and regulates fraud in your country? If you are resident in the UK, for example, then please write and tell us. We are really not sure what the answer is. We know that in the UK, it is believed that fraud costs the country £38 Billion each year – that’s £38,000,000,000 – or more than £600 per man, woman and child! There are some politicians and a whole assemblage of senior civil servants in the Cabinet Office who might claim the throne as theirs. Then there is National Fraud Authority tasked to ‘do something’ and the Cyber Crimes Unit tasked to ‘do something else’ but we have yet to see any joined-up integrated fraud strategy to support this. The situation is even vaguer when it comes to the UK’s approach to fighting fraud originating outside the UK.

2. Be You Own Fraud Fighter – Contrary To Opinion You Can Now Strike Back!

We are all aware of all those spoof emails, telling us that we can have a share of US$6,000,000 if we help transfer money. Usually this is at the behest of an uncle or widow of a major banana politician who needs help in a foreign state. As you might by now expect, they all ask us for our bank details. Instead of letting them ‘reel you in’, you and I can now have a go at ‘scammer-baiting’ i.e. conning the conmen themselves. There are a number of sites that can help you understand how to do this; search google for ‘Scam the scammers’. Even if you don’t feel like doing this, there are some entertaining stories to be read on numerous sites.

Commenting on the list of common misnomers, Bill Trueman CEO of UKFraud and RiskSkill noted, “Before we can make a real impact in driving down levels of fraud, one has to create awareness of where the real issues are and by contrast where the old wives tales have crept in. By highlighting common misnomers we aim to help in this process.”

About UKFraud (

UKFraud is a leading UK based consultancy, with an impressive international track record of eliminating the risk of fraud. Its founder Bill Trueman is a widely accepted as one of Europe’s leading fraud prevention specialist and a frequent commentator and writer on the issues involved. Trueman has extensive experience of handling or preventing bank fraud, insurance fraud, internet fraud and fraud in other financial service sectors and is a thought leader at the forefront of many industry wide and international debates.