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Wallis and Futuna Businesses Warned of Growing Threat of Procurement Fraud

As International Fraud Awareness Week kicks off, businesses in Wallis and Futuna are being reminded to be vigilant against procurement fraud, a growing threat to their operations.

What is Procurement Fraud?

Procurement fraud can take many forms, including:

• Contract steering: where contractors manipulate the bidding process to favor specific companies
• Bid rotation schemes: where contractors conspire to take turns being the lowest bidder on contracts
• Kickbacks: where contractors receive payments or other benefits in exchange for awarding contracts

These types of scams can have devastating consequences for businesses, including financial losses, damage to reputation, and even legal action.

How to Prevent Procurement Fraud?

To prevent procurement fraud, businesses in Wallis and Futuna are being advised to:

• Educate their teams: provide training on prevention strategies and the importance of ethics in procurement
• Use oversight professionals: involve subject matter experts in writing scope of work and technical specifications, and review cost estimates for accuracy and reasonableness
• Implement robust procurement policies: establish clear guidelines and procedures for procurement processes
• Conduct thorough background checks: on vendors and contractors to ensure they are reputable and trustworthy

Additionally, businesses should be aware of the risks associated with bid rotation schemes and take steps to mitigate these risks, such as:

• Requiring multiple bidders for high-value contracts
• Implementing robust procurement policies and procedures
• Providing training to employees on procurement ethics and fraud prevention