Protecting Organizations from Fraud

FRAUD INVESTIGATIVE SERVICES, LLC was established in 2008 and offers Forensic Accounting services to public, private and non-profit organizations, medical, dental and veterinarian practices, and the legal profession. We specialize in the detection, deterrence and prevention of “occupational fraud” in all industries with a keen understanding of the unique needs of the small business owner. Occupational fraud is defined as internal fraud, or fraud committed by a person or persons against the organization for which he or she works.

In today’s economic climate, who will help you protect your company and your clients from the devastating impact of fraud? Fraud can creep into your business in a number of ways. You may need an objective expert to deter potential problems, examine allegations or provide resolution.

Our mission is to help prevent fraudulent activities within your organization before they occur. We are frequently asked, “what exactly is it that you do?” Quite simply put, we help organizations stay profitable. We help protect the bottom line of organizations. We help organizations keep more of what they have by deterring others from taking what does not belong to them. We protect your assets and mitigate your risks.

As Certified Fraud Examiners and Certified Forensic Accountants, our focus is on financial fraud and we employ forensic and investigative accounting techniques to uncover it. We approach each engagement with the intention of providing credible, supportable and independent analysis.

As many organizations batten down the hatches and try to cut costs during times of economic uncertainty, they face another threat: those in positions of trust and opportunity who may be more likely to commit fraud if they see their personal lifestyles being altered or constrained by a tighter budget. Anti-fraud professionals confront this threat head-on and assist businesses with detecting and deterring fraud.

Fraud Prevention

fraud (frawd)-“An act of deception carried out for the purpose of unfair, undeserved, and/or unlawful gain, especially financial gain.”

We believe that it’s far less expensive to prevent fraud than it is to detect and correct it. Our Fraud Risk Management System (FRMS) is a five-step approach to managing the risk of fraud within your organization and embodies the concept of the GRC Model:

  1. We begin with a Fraud Risk Checkup (FRC) to establish a baseline in your organization’s fraud prevention processes, as indicated by numerical scores in key areas.
  2. We follow up with a Fraud Risk Assessment (FRA) which examines, in detail, where your organization is most likely to experience fraud.
  3. We provide an analysis of the findings and a report with an executive summary.
  4. We recommend, develop and implement anti-fraud control procedures for the mitigation and prevention of fraud, based on best practices within your industry.
  5. We educate management and employees about fraud schemes and their respective red flags with our proprietary Fraud Awareness Training course (FAT).

Fraud Detection

Creating a climate of fraud awareness will help to discourage and detect malfeasance in your organization, as well as reinforce the perception that fraud will be detected. We identify the processes or areas with the highest risk of fraud. We then determine how someone could perpetuate a fraud in each high risk process or area and how the fraud could be concealed.

FIS uses a variety of tools and resources to uncover and correct illegal activities that can undermine the profitability of your business. If you suspect that your organization has already been victimized by internal theft or fraud, we can analyze transactions and search for evidence. We look beyond the numbers with a keen sense of skepticism with the intent of uncovering suspicious or fraudulent activity.

Unfortunately, criminals always keep a step (or two) ahead of honest businesspersons. The organizations that believe they are not vulnerable are often the easiest targets of fraud.

Allow us to be your ounce of protection … or, if needed, your pound of cure.