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- Fraud: Occupational
- Missing Persons: Skip Tracing, People Locating
- Background Investigations: Pre-Litigation, Financial, Assets
FRAUD INVESTIGATION:
The primary rule in all fraud investigations is “follow the assets,” which can be stated follow the money"!
MISSION & OBJECTIVE OF FRAUD INVESTIGATIONS
The Prevention, Detection and Deterrence of:
Occupational Fraud
definition of fraud: Fraud is a false representation or the concealment of a material fact with the intent and result that is acted upon by another to his loss or detriment.
The term "OCCUPATIONAL FRAUD" may be defined as: The use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization's resources or assets.
The categories of Occupational Fraud
Asset Misappropriation schemes are frauds in which the perpetrator steals or misuses an organization's resources. Common examples include false invoicing, payroll fraud and skimming.
In the context of occupational fraud, Corruption refers to schemes in which fraudsters use their influence in business transactions in a way that violates their duty to their employers in order to obtain a benefit for themselves or someone else. For example employees might receive or offer bribes, extort funds from third parties or engage in conflicts of interest.
The third category of occupational fraud, Financial Statements Fraud, involves the intentional misstatement or omission of material information from the organization's financial reports; these our the cases of "cooking the books" that often make front page headlines. Financial statement fraud cases often involve the reporting of fictitious revenues or the concealment of expenses or liabilities in order to make an organization appear more profitable than it really is.
Fraud detection is, or should be a continuous management function. Fraud detection and prevention should not be an occasional exercise, but rather a routine aspect of business.
The reason fraud escapes detection is usually because nobody is made accountable for the task. An auditor is a watchdog, not a bloodhound. Police investigate fraud, they seldom detect it.
To detect fraud resources must be allocated to that task specifically.
CALL TODAY AND PREVENT FRAUD IN YOUR WORK PLACE!
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