{"id":1673,"date":"2024-04-22T18:34:39","date_gmt":"2024-04-22T16:34:39","guid":{"rendered":"https:\/\/eterrapartners.com\/uncategorized\/preventing-internal-fraud-a-major-challenge\/"},"modified":"2024-11-26T19:26:20","modified_gmt":"2024-11-26T18:26:20","slug":"preventing-internal-fraud-a-major-challenge","status":"publish","type":"post","link":"https:\/\/eterrapartners.com\/en\/news\/preventing-internal-fraud-a-major-challenge\/","title":{"rendered":"Preventing internal fraud: a major challenge"},"content":{"rendered":"\n<figure class=\"wp-block-image is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"383\" src=\"https:\/\/eterrapartners.com\/wp-content\/uploads\/image.png\" alt=\"\" class=\"wp-image-1503\" style=\"width:293px;height:auto\" srcset=\"https:\/\/eterrapartners.com\/wp-content\/uploads\/image.png 1024w, https:\/\/eterrapartners.com\/wp-content\/uploads\/image-300x112.png 300w, https:\/\/eterrapartners.com\/wp-content\/uploads\/image-768x287.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n<h2 class=\"wp-block-heading\">Corporate fraud a growing virus <\/h2>\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>Internal fraud, committed by company staff, represents a growing threat to SMEs in Europe. According to a study, 38% of small businesses have been victims of fraud in the last 24 months, with a quarter suffering a financial impact of more than \u20ac1 million. Internal fraud can take various forms, such as undeclared conflicts of interest, breaches of professional confidentiality or passive bribery.<\/p>\n\n\n\n<p>Recently, several cases of internal fraud have shaken European SMEs:<\/p>\n<\/div>\n\n<p>&#8211; In France, the financial director of an SME embezzled 1.2 million euros over 5 years by falsifying invoices and bank statements.<\/p>\n\n<p>&#8211; In Germany, an administrative employee stole 800,000 euros from her company by issuing false expense reimbursements.<\/p>\n\n<p>&#8211; In Italy, a purchasing manager accepted bribes from suppliers in exchange for contracts, causing his company 500,000 euros in losses.<\/p>\n\n<h2 class=\"wp-block-heading\">Fraud: 3 simple methods to prevent internal risks<\/h2>\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>1. Carry out sufficient controls, including checks to prevent and detect fraud, before authorizing a payment.<\/p>\n\n\n\n<p>2. Include monitoring procedures in internal control to prevent and detect fraud, particularly in areas of significant risk.<\/p>\n\n\n\n<p>3. Adequately train staff at all operational levels, including on fraud awareness.<\/p>\n\n\n\n<p>European SMEs must act now to protect themselves against internal fraud. Eterra Partners offers tailor-made solutions to help companies implement effective and regulatory-compliant anti-fraud procedures. Contact us today to learn more about how to secure your business against this scourge.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Corporate fraud a growing virus Internal fraud, committed by company staff, represents a growing threat to SMEs in Europe. According to a study, 38% of small businesses have been victims of fraud in the last 24 months, with a quarter suffering a financial impact of more than \u20ac1 million. Internal fraud can take various forms, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1553,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-1673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Preventing internal fraud: a major challenge - Eterra Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eterrapartners.com\/en\/news\/preventing-internal-fraud-a-major-challenge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Preventing internal fraud: a major challenge - Eterra Partners\" \/>\n<meta property=\"og:description\" content=\"Corporate fraud a growing virus Internal fraud, committed by company staff, represents a growing threat to SMEs in Europe. 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