Procurement fraud refers to manipulation and deception in the procure-to-pay process. Procurement fraud is perpetrated by employees, contractors or vendors/suppliers either acting alone or in connivance with each other to defraud the organization.

Fraud in procurement can drain money and resources. Procurement fraud affects every company irrespective of size, region, or industry.

Nykaa’s 5:1 bonus issue has raised concerns about alleged weak governance practices at the recently listed startups. In an interview with Moneycontrol, corporate fraud-investigation expert Vidya Rajarao claims

The recent indictment against a former Netflix Vice President of IT Operations for fraud and kickbacks highlights the importance of fraud in IT procurement.

Procurement fraud in one of the top 10 classic frauds of all time. However, at many organization, IT Operations and IT