Loss prevention is a set of practices used by organizations to preserve profit. Financial or product loss can be caused by theft, fraud, waste, abuse, or misconduct. Losses negatively affect business processes and procedures. Loss prevention is particularly troublesome within the retail sector, but can also be widespread throughout other industries.

Tax fraud occurs when an individual or a firm deliberately falsifies data on a tax return to reduce the amount of taxes owed or avoid paying taxes altogether. In the U.S., taxpayers are required to file a tax return and pay the correct amount according to their respective incomes, deductions, etc.

The pharmaceutical industry is among the wealthiest and most influential sectors with annual sales expected to exceed $2 trillion in 2020. However, it is also one of the most complicated industries in terms of preventing and detecting fraud.

Insurance fraud is any act that intentionally violates an insurance process. This occurs when claimants attempt to obtain some benefit or advantage they are not entitled to or when an insurer deliberately denies some benefit that has to be provided. Insurance fraud poses a significant problem to society. Governments and businesses have to take action to block or reduce its negative influence.

Fraudulent activity in healthcare is generally related to insurance, billing, or treatment. Insurance fraud occurs when a company or a person cheats an insurance company or state healthcare program. The exact methods can vary since scammers are always inventing new tricks to undermine the law.

It's tough to succeed in the logistics and transportation industry, especially with long-distance routes. A highly competitive market and low profit margins push companies to be proactive and quickly make decisions to stay ahead.

Experts claim that up to 10% of revenue related to human resources may be lost due to operational abuse. In many senses, ordinary employees present the biggest risk of fraud to business owners and leaders. Without a doubt, many of us understand that this fraudulence can happen to any company, but not everyone can visualize to what extent. Every business must have policies in place and a strategic roadmap to protect its core assets.

According to economists, manufacturing businesses are ranked fourth in the number of reported fraud cases and second in total money lost out of all industries. The most common types of fraud are related to corruption, fraudulent payoffs, and doctored financial records.

Private business can maximize their revenue by becoming as efficient as possible and eliminating wasted time, effort, and resources. Businesses that use automation to optimize their processes are more likely to adapt to changing conditions and anticipate future needs.