4 Instances You Need Fraud Investigation Services In Your Business

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Keeping Your Business Safe

When was the last time that you really thought about your personal safety? Although it might not seem like an important concern, the fact of the matter is that theft and vandalism is a concern that many business owners have on a regular basis. My blog is all about helping you to protect your business by installing a rock solid security system. However, choosing a system can be difficult unless you know what to look for. Check out this information to guide you in the right direction, so that you can keep your employees, merchandise, and livelihood safe and sound.


4 Instances You Need Fraud Investigation Services In Your Business

30 November 2021
 Categories: , Blog

Hundreds of small businesses fall victim to some form of fraud every day, and many do not realize it until much later. Fraud can be initiated internally, for example, through employee theft and embezzlement. It can also come from external parties, such as internet fraud. Fraud investigation services help confirm if fraud has been committed, gather evidence, show the culprits, and discover the extent of the fraud. When do you need a fraud investigator?

Employee Theft 

This is the leading cause of fraud for many small businesses and can include the theft of money or assets. Employee theft is usually through payroll fraud, false billing, check tampering, check forgery, credit card fraud, and cash skimming.  

It is a devastating form of fraud because insiders often know how to avoid internal safeguards. Therefore, you need skilled and experienced business theft investigation services to uncover and stop it. 

Misappropriation of Assets

It is a type of fraud committed by a person trusted with assets but fails to use them as required. This type of fraud comes in different forms of fraudulent use of a company's funds or physical assets. It often involves forgery and the assumption of unauthorized powers. 

Forgery refers to fraud committed by altering or imitating someone for one's own benefit. For example, it can be forging signatures and paperwork to inflate per diem expenses and other personal expenses catered for by the business. This fraud is often uncovered when investigation services follow the audit trail. 

Vendor Fraud

This form of business theft is usually a conspiracy between employees in the procurement department and business vendors. The employees will usually overbill the business and then receive kickbacks from the vendors. 

It can also happen when the person involved in vetting vendors takes a bribe to favor a vendor with unsuitable terms. This type of fraud can go undiscovered for a long time because it is not on the books. Only a careful study of the market by fraud investigation services can show the business is not getting proper value for money. 

Internet Fraud

Internet fraud often involves illegal electronic transfers of money or personal information. Internet fraud can be instigated internally, for example, when an employee gives out credentials to criminals. It can also come from hacking attacks that result in the theft of financial information, including credentials for handling financial and banking information. 

You need fraud investigation services with good cybersecurity skills to uncover internet fraud and trace the origin and method of the attacks. 

Do you suspect some form of fraud in your business? Talk to local fraud investigation services about your suspicions and protect your business cash and assets.