What Is A Fraud Calculator?
A fraud calculator is a software tool that helps you get more insights on the fraud risk your company faces. The calculator asks a number of questions around accounting, business and payments practices. It then provides a fraud risk score from 1 to 100 along with a set of customized fraud recommendations. It also tells you what you are doing correctly and all of the answers are based on practices from vetted experts like the Association of Certified Fraud Examiners (AFCE).
Why to use a fraud calculator?
For most entrepreneurs and leaders, fraud prevention starts with tracking what’s going missing and tracing the trends back to their source. By recognizing patterns of activities like theft and embezzlement, companies that use fraud risk calculators gain the knowledge to help stop future losses.
The fraud calculators’ success as a fraud-stopping measure typically revolves around a few key factors, including:
- How well the calculator can detect the hallmarks of illicit activity
- Whether you supply the tool with accurate, comprehensive data concerning your financial activities
How common is fraud, and how can I prevent it?
According to the 2018 Report to the Nations published by the ACFE, organizations typically sacrifice 5 percent of their annual revenue to fraud. This amounted to global losses of around $4 trillion USD!
Different industries often experience distinct internal theft risks, but most events can be described as forms of asset misappropriation, corruption or financial statement fraud. Each of these broad categories can encompass various fraudulent activities, so it’s essential to protect your enterprise from the unique risks it faces.
The 2018 AFCE report also noted that tips played a role in the detection of at least 50 percent of corruption cases. Unfortunately, you can’t always count on some good Samaritan to come rushing to your aid. Since internal audits and management reviews come second and third after tips in fraud-detection efficacy, the message seems clear: You need to make regular independent self-examination a cornerstone of your fraud prevention strategy.
How the Bento for Business fraud calculator works
We designed our calculator to help you understand what puts you in danger of preventable business fraud losses. By taking less than 2 minutes to answer a few simple questions, you can use our secure tool to get educated on the specific risk factors you’re most likely to encounter. Each report includes links to detailed studies, essential government resources and articles designed to make you a more educated business consumer.
Don’t dismiss your dependency on data
Fraud discovery methods like working with whistleblowers and auditing bookkeepers by surprise vary widely, but most share one common factor. All effective loss prevention techniques depend on whether you put information to good use by taking proactive steps to stop scams.
Some fraud events are impossible to recover from after the fact. Why not strengthen your defenses in advance?
Bento for Business makes it much easier to get more from your data and combat theft. By keeping continuous tabs on your expenditures and who initiates them, it shows you where you’re most vulnerable. By isolating your main business account from what your cardholders can spend and restricting purchases to the valid categories that you select, Bento stops fraud from hurting you. Get informed by checking out our fraud calculator online. Learn more about how it works by kicking off a 60-day free trial, or calling us at 866.220.8455.[/vc_column_text]