What Is Fraud Prevention? Key Points for Corporate Expense and Travel Fraud Control

SAP Concur explains fraud prevention in practice. The article says fraud prevention cannot be a check-the-box exercise and must go beyond simple compliance with proactive strategies to reduce risk; many organizations lack the right policies and processes because they trust employees or haven't had a major issue yet, and too often such companies are experiencing fraud but failing to uncover it. Citing ACFE, the article says 5% of the typical organization's annual revenues are lost to fraud, and 86% of fraud cases involve asset misappropriation, including padding travel and expense claims. Measures include enterprise-wide risk assessment (EWRA), segregation of duties, authorization controls,…