Anti-Fraud Solutions: Efforts to Prevent Significant Annual Loses
Occupational fraud may take the form of conflict of interest, bribery, embezzlement, asset misappropriation, collusion, etc and have caused a loss of 5% of revenue every year according to the 2020 Report to the Nations. To prevent the tremendous amount of losses and in order to recover losses, comprehensive anti-fraud solutions are required.
The truth is, no organization is immune to fraud. To prevent loss or at least minimize losses, organizations would need to make an effort to detect fraud early on. The anti-fraud solutions include prevention and investigations with proper procedures, techniques, and skills are urgently required shortly after your company notices the red flags of fraud.
Fraud prevention and investigations
It is important for organizations to know the most common methods for the effective detection of fraud. The study found that tips were the most common method. More than 40% of fraud cases in the study were detected by tips. The quicker you respond to the red flags, the bigger the chance you have to save your company from huge losses.
Investigations with proper procedures, techniques, and skills are urgently required shortly after your company notices the red flags of fraud.
Integrity Asia, with nearly two decades experience will guarantee a comprehensive, compliant, thorough, and discrete approach in identifying and investigating fraud. We have been trusted by clients to be a provider of the whistleblowing system, Canary WBS. Canary WBS enables the safe, secure, and anonymous reporting of activities such as misconduct, fraud, abuse, and other violations of the company’s policies. Canary also features case management tools which provides you with notifications, analysis and reporting management features.
We also provide fraud investigations. Our investigation involves the collection of relevant evidence among others by conducting interviews and audits, search for witnesses, discreet approaches to employees or external parties, desktop searches, background checks, surveillance, etc. You will also receive a comprehensive investigation report upon completion, which can be used for mitigation and remediation purposes.