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There have been several high profile cases reported in the news recently, one of the biggest being US drug producer Pfizer being fined 1.4bn for committing fraud, the largest healthcare fraud action in history. They received this massive fine for being involved in a fraud scheme, illegally promoting four drugs which hadn't being approved by regulators; they have certainly paid the price for selling the drugs before receiving approval from officials.
Fraud isn't worth it, not only are you liable for huge fines there is the damage that it can do the reputation of a business. You can lose supplier support, customers and talented employees who don't want to be associated with a company with a tarnished name because they committed fraud, involving themselves in illegal schemes.
In some cases, like the well documented Bernard Madoff scam case imprisonment is possible. In the most severe cases like Madoff's this can be up to the maximum term of 150 years.
Now that I have set the scene of why it is important that your business complies with anti-fraud laws and teaches employees how to act correctly and avoid scams and schemes designed to rip off the company I can advise you on how to ensure the business is protected from these threats.
You could contact a consultancy group experienced in fraud prevention methods however I have found the most effective way to learn about scam prevention and to compile fraud awareness techniques for employees is by attending a fraud related business conference.
Either get a recommendation from another business for a conference worthwhile attending or look for recommendations on the internet from reputable sources. It is wise to check who the speakers and attendees will be. This will give you an idea of the quality of the information available at the conference and of course gives the added benefit of gaining valuable business connections via the networking opportunities.
Marcus Evans organise fraud conferences that discuss the latest scams to be aware of, recommended prevention techniques as well as advice from other attendees currently implementing policies. The last marcus evans scam conference had detailed sessions on how to manage resources to give the best return of investment made in fraud deterrence efforts. The most useful of the sessions was said to the creative thinking element to tackle fraud and exchanging fraud practices.
Disclaimer: All information on this site is provided for informational purposes only! By no means is any
information presented herein intended to substitute for the advice provided to you by any health care or other professional
or organization.
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