How to stop expense reimbursement fraud

Expense reimbursement fraud schemes are among the most common types of fraud, accounting for 14% of all asset misappropriation fraud schemes, according to the 2016 Report to the Nations on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners (ACFE).

The organisations that suffer most from expense reimbursement fraud are businesses with fewer than 100 employees, and cases range from a few pounds for non-work related meals to hundreds of thousands in a systematic scheme over several years. This is not surprising given the limited fraud-prevention budgets available to small and mid-size entities (SMEs). About 51.5% of large corporations have a dedicated fraud department, while only 15.7% of small businesses have them, according to the ACFE.

Fraud Fence a recent Webexpenses partner is a consultancy firm specialising in internal fraud prevention for SMEs – internal fraud affects businesses of all sizes and it can be extremely challenging to prevent. They help their clients to implement efficient and effective anti-fraud controls to protect their businesses from fraud and to avoid financial losses.

Read the full article courtesy of CGMA here.