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Combating Fraud in Construction

Fraud can affect all types of businesses and industries, and the construction industry is no exception. Recent statistics indicate that construction fraud is as high as 10 percent of total construction revenues annually. This would mean that fraud costs the construction industry over $100B in the U.S. each year. Given the fast-paced nature of most construction projects, identifying and preventing fraud can be extremely challenging. Project controls, record keeping, and due diligence reviews can sometimes fall by the way side as parties scramble to complete projects on time and on budget, thereby making construction projects susceptible to fraud. This topic helps construction industry professionals understand the risks associated with construction fraud as well as some of the more common types of fraud found within the construction industry. The topic will also help you identify potential signs that fraud is occurring and procedures that can help reduce the risks of fraud. While eliminating construction fraud entirely is unlikely, this topic is essential for construction professionals to mitigate the risks of construction fraud and consequently help reduce the financial losses stemming from construction fraud.

Learning Objectives