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Glossary definition: Fraud Management

Fraud Prevention: Protecting Your Business from Loss

Fraud Management is the process of identifying, preventing, and responding to fraudulent activities. It involves creating and implementing policies and procedures to detect and prevent fraudulent activities, such as identity theft, credit card fraud, and money laundering. It also involves developing strategies to respond to any fraudulent activity that is detected. Fraud Management requires a comprehensive approach that includes monitoring, analyzing, and responding to any suspicious activity. It also requires companies to have effective internal controls and to ensure that their employees are aware of the potential for fraud and how to detect and prevent it. Additionally, Fraud Management requires companies to stay abreast of changes in the industry and to adjust their policies and procedures accordingly.