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Covid-19 Is Increasing Fraud, But Companies Can Protect Themselves

Frauds

October 16, 2020

Declining corporate revenues, a dispersed workforce, and an increasingly desperate population is proving to be a potent recipe for fraud. Based on their experience as managing directors at Kroll, and tapping a recent survey by the Association of Certified Fraud Examiners (ACFE), the writers identify four major trends in this arena: security issues arising with employees working from home; more fraud by vendors and sellers; a rise in compliance-related fraud in areas such as bribery; and an increase in financial statement fraud. These trends underscore the need for proactive self-protection measures, with an internal audit function as the first line of defense.

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