Ebook The Fraud Management Lifecycle Theory: A Holistic Approach to Fraud Management
Fraud losses continue to impact virtually every business enterprise. Caveat Emptor, let the buyer beware, tells only half the story. The other half is told by Caveat Venditor, let the seller beware.
The costs of fraud are passed on to society in the form of increased customer inconvenience, opportunity costs, unnecessarily high prices for goods and services, and criminal activities funded by the fraudulent gains. But what if there existed a Fraud Management Lifecycle that when managed effectively, with successfully balanced components, would significantly reduce the losses and societal costs associated with fraud? This study developed a theoretical framework for the Fraud Management Lifecycle and tested it with empirical research.
Despite significant advances in fraud detection technologies, fraud losses
continue to pose a significant problem to many industries, including
telecommunications, banking and finance, insurance, health care, Internet
merchants, brokerage and securities, and many others. The statistics that follow
are but a few examples of the magnitude of the problem.
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