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View all search resultsNew normal and new post-pandemic fraud landscape
Fraud does not stand still, and it is even more rapidly changing when the perfect storm permits.
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Judgment day: The Jakarta Corruption Court reads the verdict of a graft case involving former maritime affairs and fisheries minister Edhy Prabowo (right) on July 15, 2021. The court found Edhy guilty and sentenced him to five years of imprisonment. (Antara/Reno Esnir)
T
he full-blown COVID-19 has staggered all nations across the globe, but what comes with it and especially after it is not less “deadly” and threatening, which is a new post-pandemic fraud landscape.
With vaccinations being administered and mobility restrictions lifted, there are shifts in business operations and changing consumer behaviors that may remain in the “new” normal, which should compel organizations to prepare for and brace themselves in the face of a “post-pandemic” reality. There is a possibility that the health crisis has translated into emerging fraud risks.
A global survey conducted from March to April by the Association of Certified Fraud Examiners (ACFE), in partnership with Grant Thornton, discovered that the majority of organizations around the world had uncovered more fraud since the onset of the pandemic, and expected the level of fraud impacting organizations to increase even more over the next year.
This consequential finding should set off alarm bells among national and organization leaders that immediate action must be taken before mere ignorance takes its toll. Leaders must refrain from finding solace in no fraud having ever been uncovered in their current organization and so indulging in the gratifying delusion that there is no fraud to fear.
No or little fraud having been uncovered always means two possibilities: the best scenario, indeed the organization has an excellent environment for deterring fraud – which is the ideal goal of every organization; or the worst, the organization has virtually no sufficient measure to detect fraud and so the rat has total freedom to gnaw at every resource the organization has with no worry of getting caught.
In either scenario, however, no organization can afford to be complacent at a time such as this.
In the foreseeable post-pandemic situation, there are two significant changes that are inevitable: changes in fraud risks or schemes, and changes in anti-fraud programs and tactics.
