How to Help Employees Call Out Fraud

Procurement Software Fraud Prevention Starts in the Office

Over one-third of fraud issues originate from within the company, according to the Association of Financial Professionals. Being able to systematically discover fraudulent activity early on is a vital step in protecting your business.

E-procurement is a powerful tool in fraud detection, but the best tool is worthless without a person to use it. Employees’ fear of retaliation is a major fraud detection issues.

Financial Executives Institution President and CEO Andrej Suskavcevic said, “Next to preventative measures, the best defensive tools leadership has… are the eyes and ears of their teams. Establishing a corporate culture that respectfully embraces the reporting of perceived misconduct — together with proper and clearly communicated investigative procedures — can dramatically affect the willingness of staff to participate.”

Creating an environment where employees feel safe being open about suspected misconduct is the best first line of defense when it comes to fraud. By openly talking about appropriate methods of handling such instances, companies can prevent and manage fraud.

Vroozi helps businesses detect fraud through spend analytics and a unified system that matches purchase orders, goods receipts, and invoices to ensure accurate spending. Learn more by registering for a Live Demo here.

Source: PYMNTS.com, Employees Fear Retaliation In Calling Out Corporate Fraud, Report Finds