The top 5 threats that has risen the most during the COVID-19 pandemic

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The top 5 threats that has risen the most during the COVID-19 pandemic

The COVID-19 Pandemic has caused a tremendous impact on businesses through various facets. Travel bans and working from home is a new reality faced by companies around the world. Pressure to achieve sales targets as well as relaxed internal controls has opened opportunities for increased fraud in the midst of the pandemic.

ACFE in the recently released survey report titled Fraud in the Wake of COVID-19: Benchmarking Report provided a summary of how risks and anti-bribery programs change during this pandemic. The survey was conducted from April to mid-May 2020. In the report, the five threats of fraud that increased the most during the pandemic were cyber fraud, fraud committed by vendors and sellers, payment fraud, health service fraud, and identity fraud. These threats are expected to continue into the coming year.

These threats need to be addressed by companies with flexibility, readiness, and rapid response. As companies observe the behavior and impact of fraud during this pandemic, companies need to also build capabilities in fraud prevention and handling.

Integrity Indonesia, as a company that has been engaged for more than fifteen years in the field of compliance, is ready to provide efficient solutions for ensuring good governance, the improvement of fraud detection and fraud investigation. Our compliance and investigation services include background screening, due diligence, whistleblowing system, fraud investigation, and others. Do not compromise your company. Contact us immediately for detailed information about our services.

 

Photo by Anastasiia Chepinska on Unsplash

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