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With over 30 years in fraud and forensics, from working in the police force to partnering with companies large and small, I can tell you one thing for certain: most frauds hide in plain sight.
Fraud doesn’t always look like someone sneaking gold bars out the back door. Often, it starts with a missed red flag, a poor process, or a lack of accountability. It is often preventable, and better yet, businesses of all sizes can do something about it immediately. You don’t need a full-blown dedicated team to make a difference.
Here are some practical anti-fraud hacks every business leader should know.
1. Know your fraud risks
Sounds obvious, but most businesses haven’t properly mapped theirs. The ACFE (Association of Certified Fraud Examiners) publishes a global fraud classification chart that outlines the three major internal fraud types: corruption, asset misappropriation (e.g., payroll or invoicing fraud), and financial statement fraud. Add to that external fraud risks like cybercrime, and you have a comprehensive starting point.
Ask yourself: could this happen here? If the answer is yes, you need a control(s) for it.
2. Use existing standards as shortcuts
You don’t need to reinvent the wheel. The Australian standard AS 8001:2021 on fraud and corruption control and the global ISO 37003:2025 standard offer practical blueprints. These are plug-and-play guidelines that can help structure your prevention and response plans without starting from scratch, and don’t forget to tailor the program as necessary for your unique organisation and culture, and industry sector.
3. Activate your whistleblower program
According to the ACFE, 48% of fraud is detected by a tip-off. Yet many businesses either don’t have an effective whistleblower avenue, or staff (and were relevant suppliers and other parties) aren’t confident using it. Make sure it exists, complies with relevant legislation (like the Corporations Act), and is trusted by your people. For government entities, ensure your public interest disclosure framework is up to date to the latest legislative and relevant corruption commission requirements.
4. Watch for red flags
Fraud often presents as a combination of smaller behavioural signs. Think excessive control over processes, refusal to take leave, changes in lifestyle that don’t align with income, or defensiveness when questioned. It could also be odd transactions: weekend payments, duplicate invoices, or round-number payments with no detail.
If you're not regularly checking your transactional data, you're relying on luck.
5. Data analytics isn’t just for big business
Many companies think they need complex systems to identify anomalies. However, simple Excel testing or Power BI dashboards can reveal suspicious activity. For example: check for multiple vendor bank accounts linked to the same employee, or transactions just below approval limits.
We recently uncovered a fraudulent vendor account siphoning funds using nothing more than standard data testing.
6. Conduct periodic screening
Pre-employment checks are essential, but ongoing screening in high-risk roles is just as important. We’ve seen frauds where employees with prior convictions or prior terminations were hired without due diligence.
It is the same for suppliers. If you’ve never vetted your vendors, you may be paying invoices to a company that doesn’t exist.
7. Embed forensic thinking into culture
Anti-fraud resilience starts with culture. Training your team to be professionally sceptical to recognise red flags, ask questions, and speak up is critical. Whether through annual workshops or interactive MS Teams sessions, education is one of your strongest defences.
Remember: the behaviour you walk past is the behaviour you endorse.
8. Don’t wait until something goes wrong
If you suspect something is off, whether it’s unexplained losses, irregular vendor behaviour, or an overprotective employee – act! Investigate if empowered by your organisation, and / or consult with those who have that fraud control role. Ask questions. Bring in outside help if needed.
A forensic mindset means being proactive, not reactive.
The bottom line
Fraud is rarely random. It thrives in environments where oversight is weak, communication is unclear, and systems aren’t regularly reviewed. However, with the right controls, standards, and awareness, every business can build a stronger fraud defence.
If you’re not sure where to start, talk to someone who knows what to look for. We do this every day and can help you make the invisible visible.
Need help assessing your fraud risks or building a forensic-ready framework?
Reach out to RSM’s Fraud & Forensic Services team and let’s talk through how we can help your organisation mitigate fraud, bribery and corruption risks, protect your reputation, and be ready for what’s next.
