HARD times raise the pressure to cut costs, although just why corporations allow their spending to get out of control the rest of the time is beyond me. Still, a new report has found that one way of reducing costs - focusing on fraud prevention - may traditionally have received less attention than other methods, yet it can bring about significant financial benefits. The overall profitability of 50 profit-making businesses could be increased by ?6.4 billion (US$10.2 billion), or 13%, on average, if measures were undertaken to improve fraud resilience and reduce the cost of fraud, according to the report by PKF Accountants, business advisers and University of Portsmouth.
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