One effective approach to combating fraud is encapsulated in the Four R's strategy: Recognition, Reporting, Recovery, and Reform. Recognition involves identifying signs of fraudulent activity through various detection methods like anomaly tracking and audits. Reporting emphasizes the importance of documenting suspected cases promptly for further investigation by authorities or management teams. Recovery ensures efforts are made to retrieve lost assets or mitigate damage caused by fraudsters—and finally—Reform focuses on enhancing policies and controls based on lessons learned from past incidents to prevent future occurrences.