Managing fraud risks toward recovery

The Covid-19 pandemic has caused a drastic increase in fraud in different organizations. According to the “ACFE Benchmarking Report: Fraud in the wake of Covid-19,” 79 percent of its respondents say they have seen an increase in fraud as of last November, and that this is expected to rise further in 2021.

The pandemic has affected business transactions in unprecedented ways, forcing organizations to change their processes — from interacting with consumers and supply-chain processes to increasing using technology and maintaining the well-being of their people. These rapid changes have shifted the focus to adapting to the new normal and sustaining the business. Many companies are looking for ways to reduce costs and redirect resources to overcome the crisis. The pandemic has also affected the lives of many people, leaving some unemployed or in financial distress. People are anxious about the uncertainty this pandemic caused.