When it comes to fraud risk, one area of particular concern is procurement. In recent years, hotels have faced myriad challenges, including supply chain disruptions, economic volatility, and labour shortages. As travel volumes rebound, many hotels are concentrated on meeting evolving consumer expectations while ensuring financial stability. This focus means that many hotels are lacking in their procurement due diligence, creating lucrative opportunities for fraudsters. It's estimated that hotels lose between 5% and 6% of their annual revenue due to fraud.
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