How do we manage the return to the workplace? How do we prepare for the new reality post-COVID-19? These are just some of the questions that organisations have been asking us as they emerge from the pandemic.
But one question that they should be asking is: How can I prevent and detect fraud?
KPMG’s recent Fraud Barometer showed that the crisis has put enormous pressure on law enforcement and the justice system in the UK, where limited court capacity has led to significant backlogs of fraud cases, which means that significantly higher volumes of fraud are expected in the future. The current environment threatens a higher fraud risk, including abuse of government incentives such as the Job Retention Scheme.
COVID-19 has created a perfect storm in which fraud can thrive. It triggers all three elements of the classic fraud triangle that forensic professionals often use to explain fraud: motivation, opportunity and rationalisation. In this new reality organisations need to focus on fraud and find ways to better manage emerging risks.