Fraud in the Procurement Cycle

Procurement is the act of acquiring products or services, mainly for corporate goals. It typically refers to the ultimate act of purchasing, but it may also refer to the whole procurement process, which can be crucial for businesses prior to making their final purchasing decision.

Procurement fraud is the illegal manipulation of a procurement process to obtain contracts, goods,s or services or to obtain an unfair advantage during the procurement process. Vendors, employees within the company, or a group of vendors and employees working together maybe who are the cause of this fraud.