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Construction fraud is a type of financial crime that occurs in the construction industry. It involves the intentional misappropriation of funds, materials, or services for personal gain. It can take many forms, including bribery, kickbacks, overbilling, and false invoicing. It can also involve the use of substandard materials or the misappropriation of funds intended for construction projects.
Construction fraud can have a significant impact on the industry, as it can lead to delays in projects, cost overruns, and a decrease in the quality of the finished product. It can also lead to legal action against the perpetrators, as well as financial losses for the victims.
There are a number of companies that specialize in the detection and prevention of construction fraud. These include firms such as Kroll, Deloitte, and Ernst & Young, as well as specialized software providers such as Verisae and Procore. These companies provide services such as fraud detection, risk management, and compliance monitoring. Show Less Read more
