Detecting fraud requires a combination of vigilance, technology, and strong internal controls. Here are some strategies:
Regular Audits: Conducting regular financial and operational audits to identify discrepancies or irregularities. Internal Controls: Implementing robust internal controls such as segregation of duties and authorization protocols. Whistleblower Programs: Encouraging employees to report suspicious activities without fear of retaliation. Data Analytics: Using advanced data analytics tools to monitor transactions and identify unusual patterns.