Companies should regularly evaluate which controls are the most critical and the key areas in which there should be proper segregation of duties including the authorization of transactions, custody of assets and reconciling/reviewing of transactions.

The ACFE Occupational Fraud 2024: A Report to the Nations document contains valuable insight into the types of fraud schemes that are occurring, red flags to watch out for and the value of implementing strong internal controls at organizations.

Balancing tech-fueled efficiency improvements with a human touch will be crucial. Employers must ensure AI augments rather than replaces the human element.