Fighting Fraud: A Slow, Uphill Battle

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Lyndon_Henry
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Re: Nuances of fraud
Lyndon_Henry   12/27/2016 3:00:04 PM
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..

Pierre writes

I think smaller businesses see more fraud. There are typically less controls and more access to business assets without documentation, which make them susceptible. 



 

I would expect this to be the case. And let's keep in mind that small businesses comprise a huge chunk of the economy. Here's a quick summary from the U.S. Small Business Administration:


Small businesses make up: 99.7 percent of U.S. employer firms, 64 percent of net new private-sector jobs, 49.2 percent of private-sector employment, 42.9 percent of private-sector payroll, 46 percent of private-sector output, 43 percent of high-tech employment, 98 percent of firms exporting goods, and 33 percent of exporting value


 

..

Zimana
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Re: Nuances of fraud
Zimana   12/26/2016 9:49:25 AM
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I think smaller businesses see more fraud. There are typically less controls and more access to business assets without documentation, which make them susceptible.   I have seen some data, but would have to dig back in my records to find it. But experience tells me small businesses are usually vunerable and have to be more vigilent, especially when working with larger businesses that do have fraud processes in place.

Zimana
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Re: Nuances of fraud
Zimana   11/30/2016 7:38:26 PM
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I like those questions - Another good question is the rate of change in those patterns identifiable?  It may be early to detect.

Zimana
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Re: Industries?
Zimana   11/30/2016 7:32:33 PM
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I like that you note financial - they should be at the head of the class, but sometimes can be too conservative in making strategic purchase. But by now most have seen that fraud impacts financial operations, so they should be working at it constantly. At least I am hoping.

Zimana
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Re: Industries?
Zimana   11/24/2016 2:43:34 AM
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Good point - I'd also think to fight fraud there has to be some way of looking at fragmentation of tools - maybe an industry index on how well integrated tools are. It has to be difficult to fight fraud when the tools vary across the spectrum.

Lyndon_Henry
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Nuances of fraud
Lyndon_Henry   11/7/2016 12:25:12 PM
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Jim's post and the infographic raised some questions in my mind. For example, are there common patterns, or types, of fraud in private industry organizations? Also, are small businesses impacts more, less, or about the same as larger businesses?

 

Michelle
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Re: Industries?
Michelle   11/6/2016 5:56:07 PM
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I would like to see that data broken down by industry. Anti-fraud systems are adept at detecting out of character purchases. I wonder how AI will be used to combat fraud in the future.

magneticnorth0
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Industries?
magneticnorth0   10/30/2016 9:40:34 AM
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I think it would be good to show these stats according to industry. I'd think, for example, that financial institutions have more sophisticated anti-fraud mechanisms compared to most companies.

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