Richard Nelson and Erica Brand Portnoy write “How Big is Big? Measuring the Metrics of Your Anti-Fraud Program” for InsideCounselApril 2013
Over the past two months, this series of articles has explained why your company should be concerned about discount fraud and warranty fraud. The bottom line is that your company cannot afford to overlook these growing threats. Discount fraud schemes involve customers asking for deep discounts on your products based upon an articulated need and turning around and selling those products in the marketplace. Similarly, warranty fraud schemes are aimed at using your company’s warranty process to steal products from you.
What can you do about this fraud? Proactive companies are putting programs in place to specifically detect and prevent these frauds from occurring. But you need to get, and keep, executive support for the program. Building a case for establishing and maintaining a program to combat fraud means justifying the expenditure with measureable results.