In principle, the best method of mitigating fraud is to set up a strong detection system. A system perceived as unbeatable will mean that potential fraudsters are discouraged from attempting anything and move on to easier targets. The premise of deterrence is that a system that detects fraud and abuse
Government procurement teams are responsible for managing billions of pounds of public expenditure, and taxpayers want more transparency on how their money is being spent. However, experts estimate that procurement errors, waste and abuse can cost central government up to 4.7% of procurement spend. And when government procurement fraud scandals hit
Procurement fraud is, to put it simply, huge. An estimate by PwC a few years ago suggested that it was one of the most common economic crimes around the world. That estimate has not changed. What’s more, few companies have taken steps to address the problem. “Procurement fraud is notoriously
Analytics is a game-changer in detecting procurement fraud. It is by far the most efficient way of doing so.