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I came across a list of misconceptions about fraud in Mike Comer’s seminal 1998 book Corporate Fraud. Right up there at the top of the list were the two misconceptions that (a) the police detect fraud and (b) regulators prevent fraud. 14 years after this book was published, the current LIBOR scandal and the latest pharmaceutical industry scandal seem to suggest that these misconceptions are as current as when the book first highlighted them. Interestingly, the fourth misconception in his list was ‘Catastrophic frauds are rare’. Once again, Mike was bang on the money! Mike Comer is author of a number of Gower titles on fraud.