In 2022, we saw society adjust to the COVID-19 pandemic and gradually return to normalcy. But, unfortunately, a crisis at the scale the world experienced in the last few years provided fraudsters with increasing opportunities. As our economy and society evolve, so will the fraud schemes we expect to see. Indeed, as predictions of an economic downturn continue, it can lead to a perfect storm of the fraud triangle elements: opportunity, motivation, and rationalization.
This article examines some of the circumstances that allow fraud to occur, the motivation and rationalization for committing it, and how best to position your company to mitigate the top five fraud risks in 2023.
How BDO can help
At BDO, we're committed to helping business owners understand where fraudulent activity may occur in their organization, quantify any potential losses a business may have suffered, and discuss the mitigating measures they can implement to combat it.
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