Established to Help Reduce Fraud in Organizations
What is Fraud?
A knowing misrepresentation of the truth or concealment of a material fact to induce another to act to his or her detriment. – Black’s Law Dictionary
Intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right. – Merriam Webster
Fraud is theft but perpetrated by an INSIDER. Loss prevention is theft from an “outsider” while fraud is perpetrated from the “inside.”
NOT SURE IF YOU’RE AT RISK?
1. Do you suspect something is just not right with your financials?
2. Do you find you are too busy to spend time searching for suspicious activity?
3. Are you not sure how to track down transactions that look fishy?
4. Are you concerned about the cost to have your accountant research a problem?
Verity [ver-i-tee]: Noun, Plural
1. the state or quality of being true; accordance with fact or reality
Blending Knowledge, Skills, and Experience
In addition to the type of scheme perpetrated, the loss caused by a fraud is also a function of how long it lasts before being detected. The longer the perpetrators are able to go undetected, the more financial harm they are able to cause.
The good news is that many fraud losses are mitigated by early detection, as more than 1/4 of cases were uncovered in the first six months. The media duration of fraud schemes in a recent ACFE study is 18 months and at least 32% lasted at least two years before they were discovered.
For a small to medium sized business to not take corrective actions to protect their companies assets can be devastating to the financial well-being of the company and may affect the business as a going concern.
If you’re concerned your business is at risk of fraud, contact us today to get our team of experts working on a solution that will reduce your potential losses.
18Months
Median Time Frame of Discovery
$150k
Average Loss per Incident
70%
of Lost Assets are Unrecoverable
$652B
Lost Due to Fraud