{"id":14970,"date":"2024-08-02T13:38:20","date_gmt":"2024-08-02T13:38:20","guid":{"rendered":"https:\/\/trustpair.com\/blog\/the-fraud-triangle-understanding-fraud-risk\/"},"modified":"2025-03-25T13:37:05","modified_gmt":"2025-03-25T13:37:05","slug":"the-fraud-triangle-understanding-fraud-risk","status":"publish","type":"post","link":"https:\/\/trustpair.com\/gb\/blog\/the-fraud-triangle-understanding-fraud-risk\/","title":{"rendered":"The Fraud Triangle \u2013 Understanding Fraud Risk"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">It is well established that all companies are at risk of fraud. Occupational fraud, also known as internal fraud, occurs when an employee acting alone or with others deliberately steal or misuse employers\u2019 money or assets. Understanding the psychology and circumstances behind internal fraud gives organizations a greater appreciation of where their weaknesses might lie and how to combat them. That&#8217;s where the <strong>fraud triangle<\/strong> comes in handy! Read on for more explanations in this article.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/trustpair.com\/gb\/resources\/2025-uk-fraud-trends-and-insights\/\">Download our latest fraud report<\/a> to learn how to fight all types of fraud in your business!<\/p>\n<p><!--HubSpot Call-to-Action Code --><span id=\"hs-cta-wrapper-26e69232-c009-4130-a9a9-c5b1c44d4013\" class=\"hs-cta-wrapper\"><span id=\"hs-cta-26e69232-c009-4130-a9a9-c5b1c44d4013\" class=\"hs-cta-node hs-cta-26e69232-c009-4130-a9a9-c5b1c44d4013\"><!-- [if lte IE 8]>\n\n\n<div id=\"hs-cta-ie-element\"><\/div>\n\n\n<![endif]--><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/5278241\/26e69232-c009-4130-a9a9-c5b1c44d4013\"><img decoding=\"async\" id=\"hs-cta-img-26e69232-c009-4130-a9a9-c5b1c44d4013\" class=\"hs-cta-img\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/5278241\/26e69232-c009-4130-a9a9-c5b1c44d4013.png\" alt=\"fraud study us\" \/><\/a><\/span><script charset=\"utf-8\" src=\"https:\/\/js.hscta.net\/cta\/current.js\"><\/script><script type=\"text\/javascript\"> hbspt.cta.load(5278241, '26e69232-c009-4130-a9a9-c5b1c44d4013', {\"useNewLoader\":\"true\",\"region\":\"na1\"}); <\/script><\/span><!-- end HubSpot Call-to-Action Code --><\/p>\n<h2>What is the fraud triangle theory?<\/h2>\n<p><span style=\"font-weight: 400;\">The \u2018fraud triangle\u2019 theory was initially proposed in 1953, in a paper called <\/span><a href=\"https:\/\/www.journals.uchicago.edu\/doi\/abs\/10.1086\/221475\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Other People&#8217;s Money: a study in the social psychology of embezzlement<\/span><\/i><\/a> <span style=\"font-weight: 400;\">by Dr Donald Cressey. Cressey was a criminologist who interviewed 133 convicted embezzlers while they were still in prison. He found the great majority had not been exposed to predominantly criminal environments. His research concluded that three elements needed to be present for <a href=\"https:\/\/trustpair.com\/gb\/blog\/what-is-white-collar-crime-and-how-can-it-be-prevented\/\">white-collar crime<\/a> to be committed. This model is widely used today.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The three factors that Cressey identified were <strong>opportunity, pressure, and rationalization<\/strong>. The theory has been updated and expanded upon over the years, but the original fraud triangle hypothesis remains relevant today.\u00a0<\/span><\/p>\n<h2>The three sides of the fraud triangle theory<\/h2>\n<h3>Pressure\/incentive<\/h3>\n<p><span style=\"font-weight: 400;\">Pressure, or incentive, to commit fraud can come from <strong>personal problems or outside influences<\/strong>. Employees with gambling, alcohol, drug, or other addictions may need money that they just do not have. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A<\/span><span style=\"font-weight: 400;\"> fraud triangle pressure example is debts or high tax payments that can lead people to steal or misuse assets. Some may see an opportunity to fool others into thinking they have more than they really do because they care about perceived status and wealth.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Individuals may fear they may not meet company targets and could lose their job or miss a promotion. This can lead to pressure to falsify sales or accounts. For example, the pressure of reaching unrealistic targets was blamed for the <\/span><a href=\"https:\/\/www.forbes.com\/sites\/jackkelly\/2020\/02\/24\/wells-fargo-forced-to-pay-3-billion-for-the-banks-fake-account-scandal\/?sh=515950ed42d2\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Wells Fargo<\/span><\/a><span style=\"font-weight: 400;\"> fraud scandal. Employees may also be at risk of corruption or bribery from outside sources.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the theory, for individuals to commit fraud they must believe that their problems cannot be solved legally or that talking to others would help.<\/span><\/p>\n<h3>Opportunity<\/h3>\n<p><span style=\"font-weight: 400;\">A person who is prepared to commit fraud must perceive that <strong>they can do so without getting caught.<\/strong> This is likely to be due to their belief that they can exploit a position of trust, or because they do not believe that internal controls will pick up any discrepancies. Lack of supervision or properly documented processes can make it easier to commit fraud, as can poor accounting policies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Company culture is particularly relevant. The paper <\/span><a href=\"https:\/\/www.researchgate.net\/publication\/271270579_The_Fraud_Triangle_Revisited\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">The Fraud Triangle revisited<\/span><\/i><\/a><span style=\"font-weight: 400;\"> (Schuchter &amp; Levi, 2016), suggested that \u201call Fraud Triangle elements are highly in\ufb02uenced by the corporate culture in their companies\u201d. If company culture and values do not embrace ethics, integrity, and honesty, employees are less likely to feel that they should.<\/span><\/p>\n<h3>Rationalization<\/h3>\n<p><span style=\"font-weight: 400;\">An individual will rationalize their actions before committing fraud with reasoning such as <strong>they were \u2018only borrowing\u2019 and intended to pay back the money they have stolen.<\/strong> A fraud triangle rationalization example is employees who feel that they have been poorly treated by top management and deserve more, making it acceptable to take it for themselves. They may be afraid of repercussions for not reaching targets, such as losing their job.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rationalization is basically how they justify their motivation and acts.\u00a0<\/span><\/p>\n<h2>Remove elements from the fraud risk triangle to protect your company<\/h2>\n<p><span style=\"font-weight: 400;\">If one or more elements of the fraud triangle are not present, <strong>the risks of fraud are significantly lowered<\/strong>. It makes sense that organizations should monitor all these elements with the aim of making it as difficult as possible for fraud to take place.\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Reduce pressure and know your employees<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Make sure company targets are realistic and achievable to reduce the risk of accounting fraud. New employees should be screened to detect previous fraudulent behavior. Perceived poor treatment by a company can put a person at risk. If employees feel they can talk about financial or personal issues they will not feel that the only way out is to solve the problem themselves.\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Reduce opportunity with internal controls and software<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Organizations need robust processes to prevent those with access to funds from acting unilaterally. Internal control measures should be implemented or reinforced. <a href=\"https:\/\/trustpair.com\/gb\/blog\/why-is-the-segregation-of-duties-so-important-in-managing-fraud-risk\/\">Duties should be segregated<\/a> so that checks and balances are automatically performed to highlight discrepancies in accounting or reporting, for example.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The right software will help prevent, monitor, and detect occupational fraud. Trustpair\u2019s systems run automatic checks of payment files and detect suspicious behavior. They will improve the quality and safety of third-party data and increase security, particularly for procure-to-pay systems.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Reduce the opportunities for rationalization<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Company culture needs to <a href=\"https:\/\/trustpair.com\/gb\/blog\/fraud-awareness-and-prevention-policies-safeguard-against-deceptive-practices\/\">promote openness and ethical behavior<\/a>. A clear <a href=\"https:\/\/trustpair.com\/gb\/blog\/how-to-implement-effective-fraud-detection-and-prevention-measures\/\">fraud detection plan<\/a> should make sure processes are in place to deter and detect it. All employees should receive regular training on avoiding and detecting fraud and should feel able to report it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Prevention is better than the cure and our software assists with reducing your risk of fraud. Please contact us to find out how we can help you and to <\/span><a href=\"https:\/\/trustpair.com\/gb\/demo-5\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">request a demo<\/span><\/a><span style=\"font-weight: 400;\"> today.<\/span><\/p>\n<p><!--HubSpot Call-to-Action Code --><span id=\"hs-cta-wrapper-f87ea066-7298-4ae0-bcd1-f309efec12d5\" class=\"hs-cta-wrapper\"><span id=\"hs-cta-f87ea066-7298-4ae0-bcd1-f309efec12d5\" class=\"hs-cta-node hs-cta-f87ea066-7298-4ae0-bcd1-f309efec12d5\"><!-- [if lte IE 8]>\n\n\n<div id=\"hs-cta-ie-element\"><\/div>\n\n\n<![endif]--><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/5278241\/f87ea066-7298-4ae0-bcd1-f309efec12d5\"><img fetchpriority=\"high\" decoding=\"async\" id=\"hs-cta-img-f87ea066-7298-4ae0-bcd1-f309efec12d5\" class=\"hs-cta-img\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/5278241\/f87ea066-7298-4ae0-bcd1-f309efec12d5.png\" alt=\"TRUSTPAIR _ FRAUD PROTECTION SOLUTION\" width=\"900\" height=\"305\" \/><\/a><\/span><script charset=\"utf-8\" src=\"https:\/\/js.hscta.net\/cta\/current.js\"><\/script><script type=\"text\/javascript\"> hbspt.cta.load(5278241, 'f87ea066-7298-4ae0-bcd1-f309efec12d5', {\"useNewLoader\":\"true\",\"region\":\"na1\"}); <\/script><\/span><!-- end HubSpot Call-to-Action Code --><\/p>\n<h4>Key Takeaways:<\/h4>\n<ul>\n<li>The fraud triangle is a model that considers the psychology behind internal fraud<\/li>\n<li>Prevention and early detection are key to avoiding financial loss from fraud: businesses need to have strict internal control safeguards.<\/li>\n<li>Trustpair software will give extra security and peace of mind by removing all possible opportunities for an individual to commit fraud.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>It is well established that all companies are at risk of fraud. Occupational fraud, also known as internal fraud, occurs when an employee acting alone or with others deliberately steal or misuse employers\u2019 money or assets. Understanding the psychology and circumstances behind internal fraud gives organizations a greater appreciation of where their weaknesses might lie [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-14970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fraud-protection-gb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Fraud Triangle \u2013 Understanding Fraud Risk - Trustpair<\/title>\n<meta name=\"description\" content=\"The fraud triangle describes three elements people need to commit fraud. 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