Countering Fraud for Competitive Advantage

Book excerpt: Substantially reduce the largely hidden cost of fraud, and reapa new competitive advantage. As the title suggests, Countering Fraud for CompetitiveAdvantage presents a compelling business case for investing inanti-fraud measures to counter financial crime. It looks at theways of reaping a new competitive advantage by substantiallyreducing the hidden cost of fraud. Aimed at a wide businesscommunity and based on solid research, it is the only book to putforward an evidence-based model for combating corporate fraud andfinancial crime. Despite its increase and capture of the news headlines,corporate fraud is largely ignored by most organizations. Fraud isresponsible for losses of up to nine percent ofrevenues—sometimes more. Yet, most organizations don'tbelieve they have a problem and don't always measure fraud losses.This highlights an area for capturing a competitiveadvantage—with the right counter-fraud strategy, massivelosses due to the cost of fraud can be reduced for a fraction ofthe return. Advocates a new model for tackling fraud and illustratestheories with best practice examples from around the world The authors have close links with the Counter FraudProfessional Accreditation Board: Jim Gee is a world–renownedexpert in the field, and has advised private companies andgovernments from more than 35 countries. Mark Button is Director ofthe leading Centre for Counter Fraud Studies, PortsmouthUniversity, U.K. Organizations are losing millions of dollars to fraud. This bookoutlines a comprehensive approach to reducing financial crime andhelping return some of the revenue lost to the cost of fraud.