What is the most cost effective way to minimize the cost of fraud prevention detection investigation prosecution?
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48 Citations | The results also reveal that commonly used fraud detection instruments are not necessarily the most effective. |
01 Dec 2009 | Therefore, developing an effective fraud detection method can assist the user in identifying cases of fraud. |
| As a result, those responsible for detecting fraud, including auditors, regulators and investors, must be judicious in choosing cost-effective tools to help them with this task. | |
66 Citations | Furthermore, greater adoption of IT to detect and prevent fraud contributes to developing a systematic approach to fraud investigation, capable of identifying unusual activity using effective software. |
30 Citations | Practical implications Overall, this study suggests effective fraud prevention measures to mitig... |
| Nonetheless, there are documented and cost-effective examples of prevention against all the major crime risks; the most useful approach to implementing these will require development and dissemination of crime audit methods and good practice in crime prevention. | |
20 Citations | Among the mistakes organizations make in their fraud prevention efforts are not assigning specific responsibility for fraud prevention; not defining clear fraud management goals or policies; under‐assessing fraud risks, particularly catastrophic ones; missing opportunities to save money through fraud reduction; and relying excessively on ineffective controls. |
| Application of single fraud detection technique will not curb the fraud effectively. | |
| Considering the influence of the loss incurred due to fraud, effective measures and methods should be employed for prevention and detection of financial statement fraud. | |
28 Jul 2016 39 Citations | Out of the many possible factors for the rising cost of healthcare, fraud is a major contributor, but its impacts can be lessened through the use of fraud detection methods. |
| The paper argues that the Fraud Review, combined with these growing pressures, is laying the foundations for the further centralization of fraud investigation. | |
28 May 2013 11 Citations | We argue that, for the fraud detection rate, False Negative rate, fraud catching rate (True Positive rate) and false alarm rate (False Positive rate), Cost and Hit rate that are the best metrics for a desirable credit card fraud detection system. |
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