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Identifying & Preventing Fraud In The Workplace: A Guide By Law 2.0 Conference

Maintaining a workplace structure is key for any business to thrive. While workplaces are significantly more catered toward providing an ideal employee environment in today's work culture, complete chaos can ensue without proper legal guidelines in place.

The finest batch of experts & researchers working towards problem-solving in the legal industry have utilized their platforms at attorney conferences, notably Law 2.0 Conference, to discuss the importance of legal guidelines in the workplace. Apart from the obvious legal implications, having an unstructured set of guidelines in the workplace can be detrimental to your business for multiple reasons, making legal guidelines of utmost importance. Some of the most effective guidelines to implement in your own company's policy structure include -

Getting To Know Your Employees

A given agenda for every business is to recruit honest and hardworking employees. However, simply interviewing & going off of an employee's experience can be hurtful to the business in the long run. Having a structured background check procedure, especially for the accounting department, in place is a must to prevent workplace fraud, at the core.

As the accounting duties increase, so should the measures taken to investigate the history of recruits when it comes to dealing with finances. Observing changes in an employee's attitude can, more often than not, indicate a future possibility of them committing fraudulent activities against the company.

Experts at attorney conferences have provided key insights into the importance of having measures in place to deal with accounting-related frauds, such as -

  • Internal Controls - Instituting internal controls can be key in preventing fraud. Timely requests for reimbursement slips and travel expenses, as well as surprise audits, are amongst some of the most used methods to implement internal controls.
  • Segregation Duties - Segregation of duties is another effective method of preventing fraud. Having a team of multiple people looking over accounting duties can help your company not only keep an organized track of duties but also drastically reduce the incentive to commit fraud in the first place.
  • Firm Upper Management - A strong tone at the top of management should not be an overlooked attribute in a company's ethical structure. Setting the tone for the rest of the employees is crucial in forming a uniform set of ethics throughout the workplace. Having a more complying set of rules in the workplace can be implemented by establishing a solid set of policies right from the start.
Emphasizing On Fraud Detection Measures

Making your employees aware of a firm set of fraud detection measures can go a long way in establishing ground rules from the get-go. The possibility of instant punishment, including termination and further legal action, significantly offsets the possibility of fraudulent activities.

Industry veterans presenting at attorney conferences, dealing with workplace frauds regularly, often talk about the possibility of your company benefiting from instilling a culture of employees being aware of each other when it comes to tampering with work policies & reporting their co-workers in case of anything suspicious.

Having an anonymous reporting system in place makes it easier for employees to come forward with reports against their fellow employees. Known as an ethics hotline, it has gained much popularity amongst stakeholders and institutions. Implementing an anonymous medium not only protects privacy but also reduces preventive costs for fraud.

Regular & Surprise Audits
Regular & Surprise Audits

Auditing is the periodic inspection of a company's books and records in order to detect any fraudulent activities and compliance with the information provided with the standard regulations. Auditing not only provides transparency into a company's finances but also enhances the credibility of the organization in the eyes of shareholders & investors. Auditing can further help in the valuation of assets & calculate profits or losses accurately.

Businesses should routinely target audit areas that deal in cash, refunds, product returns, inventory management, and accounting functions. Occasional surprise audits can also help detect fraud in high-risk, financially volatile areas. Employees can also assess the company's priority on keeping a strict policy regarding its finances and overall conduct.

Document Management

You can count on the fact that upcoming legal conferences, such as Law 2.0 Conference, will make sure to include document management in the list of legal policies to be implemented in the workplace. A solid document management policy allows a business to remain organized and prevent sensitive documents from falling into the wrong hands. Labeling, organizing, and storing documents can go a long way in keeping sensitive information confidential. To make a more solid case for document management, here are a few ways fraud prevention can be amplified when your documents are managed -

  1. Streamlining Emails - With back-and-forth emails between priority clients, your business runs the risk of information being misused. By automating the email system for your company, financial and other sensitive information that may be getting communicated via emails can remain secure. Having a designated email system that delivers to the designated clients in an organized system eliminates the need for back & forth communication.
  2. Document Compliance - At times, certain regulations may require your organization to hold onto specific documents for an extended period. Going the traditional route of storing countless documents in a large box, kept away, can be insecure and end up jeopardizing information sensitivity. Instead, going the digital way and securing documents on a monitored server can allow for heightened security and organization of your information. Experts engaged in policy debates at legal conferences in 2023 will be keen on bringing up the digital solution for storage,seeing as to how we live in a digital world in today's day and age.
  3. Automation Is King - Automating tasks to be stored and accordingly organizing data can help prevent future blunders. Instead of letting the aspect of human error sneak in, fully automated data organization is the key to keeping information secure.
Data Monitoring
Data Monitoring

Fraud monitoring, regarded as one of the most effective fraud prevention methods, is the continuous analysis and monitoring of transactions and other activities to detect any signs of fraud. Legal conferences in 2023, notably Law 2.0 Conference, will have experts and industry leaders going in-depth about how data monitoring has been impacting positive growth in the fraud prevention sector for workplaces. By investing in top fraud monitoring solutions, businesses can feed data on fraudulent and authentic transactions to these systems, helping them distinguish between the two and detect fraud.

With fraud losses skyrocketing globally since the year 2021, the need for monitoring financial and data activities is higher than ever. By assigning transactions to statistical analysis, monitoring systems can assign risk scores and thresholds for different scores. Upcoming legal conferences will have experts breaking down how monitoring systems can analyze data and assign risk scores accordingly, based on which appropriate actions assigned to that score may be taken. This provides hassle-free data security and management. A few types of data monitoring methods being seen in today's world are -

  1. Transaction Monitoring - With monitoring systems continuously learning how to distinguish between fraudulent and authentic activity, monitoring transactions is considered one of the most effective ways to prevent fraud. A few examples of transaction monitoring include:
    • Purchase history
    • Transaction amount
    • Geolocation
    • Ip address
  2. Session Monitoring - Similar technique to identity fraud, session monitoring goes more in-depth as systems are able to monitor sessions individually. This can be very effective when it comes to preventing users from engaging in fraudulent activity or purchases from suspicious portals.
  3. Brand Monitoring - With a rise in cyberattacks, monitoring impersonators is essential for any company today. Brands and big-name companies have cybercriminals using phishing emails, fraudulent apps, and calls to exploit a brand's image to target customers.
Limiting Cash Transactions
Limiting Cash Transactions

As they are more prone to fraud, businesses have started restricting the usage of cash transactions. Going digital has provided not only more security but also a better organization of every transaction made. Over the last few years, we've seen industry leaders and legal experts emphasize the importance of cutting out cash transactions as much as possible, a discussion we can be sure to experience in upcoming legal conferences as well.

With improved security against internal theft & fraud as well as monitoring abilities when using mobile point of sales (mPOS), businesses are sure to invest in solutions for going digital through and through.


Having a solid foundation of legal policies in place should be a must for every business in today's day and age. With employees being educated about your company's policies and actions assigned to any fraudulent behavior, the chances for theft decrease significantly. Implementing anti-fraud solutions, especially digital ones, can be vital in tightening your company's data protection as well as organization. With both regular and surprise audits, having a complete track of transactions and any other activity can prevent your company from a massive amount of legal headaches in the future.

Gain more in-depth views and the best possible solutions when it comes to legal advice at upcoming legal conferences, notably Law 2.0 Conference. Hosted in Dubai & the USA in 2023, interacting with fellow professionals and industry leaders, gained a fresh perspective on preventing fraud, amongst other vital advice for setting up your company's legal structure. To learn more, visit -

Sai Narula

A part of the Law 2.0 Conference team, Sai is responsible for the smooth registration of the attendees. The upcoming edition of the Law 2.0 Conference will address some serious issues, including the fraud and scam practices perpetrated by spammers. The lineup of experienced legal professionals will flash the spotlight on the ever-evolving legal landscape.