What is the goal of fraud prevention measures?

The primary goal of fraud prevention measures is to reduce losses incurred due to dishonest activities and protect financial assets. Fraud can have significant negative impacts on a business, including financial loss, damage to reputation, and decreased trust from customers and stakeholders. Effective fraud prevention strategies focus on identifying potential vulnerabilities, implementing controls to mitigate risks, and creating a culture of integrity within the organization. By doing so, businesses can safeguard their resources and ensure long-term stability and success. This approach aligns with the idea of proactively addressing threats before they manifest into real-world losses.