Fraud Speakers

Fraud is not totally preventable but must be addressed. Chances are, fraud exists in your organization without your knowledge. While not totally avoidable, fight to reduce it. Don’t wait to become another statistic. Different types of frauds exist and are ever evolving, leaving costly losses. For this reason, there are investigation companies that can provide fraud speakers to educate you. Prevention is key. Education is vital to protect your assets and sustain a long-lasting organization.

Perhaps you believe you are too well educated to be taken in? Reconsider, as some of the very best have been fooled. Investigation companies constantly work to stay on top of the latest criminal trends.  Writing about it is fine; however, having fraud speakers who can better train and educate your company is the better approach.


What is fraud?

 

The term fraud includes the activities like theft, corruption, money laundering, bribery, etc. the legal definition of fraud is different in every country. People commit fraud for their personal profit, and it ends in the loss for someone else. It is an act of dishonesty.

Some frauds are highly organized, involving multiple persons.  Think of criminal organizations who have chosen to commit fraud versus violent crimes. The penalty is much lower and often they are never caught.

For the betterment of society and your organization’s profit, take proactive steps to prevent becoming a victim. Use a professional for this purpose.  Investigation company professionals provide modern day examples. Just a few of the current topics include:

  • Business Email Compromise
  • Asset Misappropriation
  • Financial Statement Fraud
  • Bribery, Kickbacks & Corruption
  • Vendor Due Diligence

How to prevent fraud in your business?

 

Due to the increased fraud ratio, the demand for investigation companies has also increased. When the company or any individual bears loss due to fraud, then they want to find quick assistance. For this purpose, they hire investigation companies to address the crisis at hand.  This is understandable but bringing in a fraud speaker before, may cancel the need altogether.  Searching on the internet afterwards, is reactive and not proactive.  You want to avoid the crisis and reduce your exposure.

The investigation companies have skilled methods and an experienced staff that can assist all employees. Some of these methods aren’t mentioned in this article. Early detection is critical and that comes through up-to-date analytics.  They can identify and reduce the risks of fraud to your company and better protect your profits. Many companies agree on steps to better protect your organization include:

  • Fraud Detection by Tip Lines (Hotlines)
  • External Examiners
  • Surprise Inspections
  • Educate Employees on the Penalties of Misconduct
  • Promote and Reward Honest Behavior

Vendor Due Diligence

Another area often dismissed is the need for proper vendor due diligence. This means understanding who your suppliers are. Who are you relying on to provide materials for your business? Are they legitimate?  Perhaps it’s the same provider you’ve used for years, but something has changed.  Maybe they have new ownership? Maybe the once highly regarded vendor is having financial difficulties and they begin to cut corners. Proper vendor due diligence necessary for current and new partnerships.

Conclusion

Would you rather prevent a fraud loss or react to a fraud loss? Of course, you would rather prevent the loss to begin with.  Often that’s easier said than done. Don’t wait, use an investigative professional who can properly address your risks at hand.  It just may save your organization from a disaster.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.