This article by David Foley, Regional Managing Director & Counter Fraud Specialist at TIAA, provides an insight into the current fraud environment.
Historically, global recessions have been the precursor to an avalanche of fraud being identified, across most industries and markets across the globe. Whilst there are multiple reasons for this, looking at some of the most obvious measures identifies that when times become difficult, this causes ‘stress’ on businesses and individuals, who may be looking to save costs, increase savings, or sometimes simply attempt to maintain a lifestyle that people become accustomed to.
The articles explores how fraud has increased as a result of the pandemic, with ‘new pandemic’ frauds occurring and details the five simple actions you can take to reduce the risk of fraud.