Fighting fraud with business continuity planning

If the pandemic has taught business anything, it’s that unexpected disaster can take many forms and strike at any time.

It can be challenging for businesses to focus on the future when trying to immediately cope with revenue interruption, changed consumer behavior, supply chain disruption, and workforce upheaval. Preparing to defend against fraud may be even more challenging in times of crisis; oftentimes fraud seems a distant threat that takes a back seat to more immediate problems during a disaster.

However, fraud is a real risk for businesses during times of disaster. The COVID-19 pandemic has been a boon for fraudsters. Global accountancy firm BDO’s 2020 Fraud Track Survey of 500 midsize U.K. firms found that 39% had experienced an increase in fraud within the last year. PwC’s Global Economic Crime and Fraud Survey 2020 found that 47% of the businesses surveyed had experienced fraud within the last 24 months, with estimated losses…

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