How do you deal with Company fraud

Company fraud levels have been at an all-time high since 2016. The percentage of companies that reported being victim to fraud has risen to 82% in the last year according to the Kroll Annual Global Fraud and Risk Report.

Although external frauds often taken place, the most common type of fraud happens to be internal- committed by existing company members. A lot of the time the fraud offenders are a combination of people such as current and former employees and third parties. These fraudulent actions can be committed either physically through the company or through cyber-attacks.

For example, a company can be susceptible to petty cash theft, under-reporting and embezzlement, all of which can be deemed as internal financial fraud. Internal financial fraud has risen from 9% in 2015 to 20% in 2016, suggesting that the percentage is still rising rapidly. Companies should be wary on where their trust is invested when it comes to dealing with finances. We offer due diligence and executive background checks for those who want to be sure they have trustworthy employees.

It is always important that companies have fraud prevention plans in place as it can take many months before fraud is caught out and there would be a numerous amount of financial loss that would have taken place by that point. Companies can always work on implementing strategies that prevent fraud such as making sure the companies knowns their employees – changes in attitude can be an indication of suspicious activity within the company. HHA are professional fraud investigation services who will talk you through options suitable and available to your business and advice on how to move quickly and discreetly.

What can you do to prevent Company fraud ?

Furthermore, it is always important to inform employees of the consequences of internal fraud so that everyone is aware of the risks they may be taking. Companies should consider setting up anonymous reporting systems so that employees who notice any unusual behaviour can report it without being under any pressure.

It is always best to use the mediation of professionals as taking things into personal hands can be time consuming and of course, time is money. HHA are able to offer in-depth investigations by preserving digital evidence and recovering “lost” or hidden data in a format that is acceptable in any court. This is something you shouldn’t attempt yourselves as you risk damaging important legal evidence.

HHA are able to provide people tracing, asset tracing, and many other services that facilitate our customers in searching out their company’s fraudsters if they decided to make a run for it or simply not appear in court if called in.