Fleet Fraud

If you think your business is immune to fleet fraud, think again. Both external and internal fraud can affect trucking companies. Organizations lose 5% of their annual revenues to fraud—a startling statistic. That equals $4 trillion worldwide. An expert explained that fraud affects the price we pay for goods and services.

For every $1 of fraud, a business’ net income is reduced by $1. In addition, Vogt said it takes more revenue to recover the effects of the fraud; if there is a loss of $500,000 in net income, it can take $5,000,000 to replace the loss. Companies are vulnerable to fraud from both external and internal sources.

The fraud triangle as pressure, opportunity, and rationalization. The pressure can be financial in nature, the result of a vice, or even come from work or family.

The good news is that organizations can fight fraud, and many have implemented fraud prevention programs and have processes in place to detect fraud early. Whenever these companies suspect fraud, they launch an investigation and follow up with legal action.  Doing so will allow managers to spot weaknesses and put in place processes to address those weak areas, thereby reducing fraud.

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