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Fraud Prevention in Corporate Environment


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Presentation was prepared by investigative agency Baltic Security LLC for the Society.Person.Security 2011.

Published in: Education, Technology, Business
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Fraud Prevention in Corporate Environment

  1. 1.  Background of Fraud Types of Fraud Detection & Investigation BALTIC SECURITY LLC
  2. 2.  300 BC a Greek merchant Hegestratos took large insurance policy. Hegestratos planned to sink his empty boat, keep the loan and sell the corn. But he drowned. Is correct to to assume that fraud has been around since the dawn of commerce. BALTIC SECURITY LLC
  3. 3. Background of FraudIn the broadestsense, fraud isintentionaldeception made forpersonal gain or todamage anotherentity. BALTIC SECURITY LLC
  4. 4.  Fraudulent activity mostly performed over the media and social network. Apx. 20 types of fraud Securities fraud, tax embezzlelement, insurance fraud, charlatanism, advance fee etc. BALTIC SECURITY LLC
  5. 5.  Defrauding people or entities of money or valuables is a common purpose of fraud. Fraudulent "discoveries", e.g. in science , to gain prestige rather than immediate monetary gain. BALTIC SECURITY LLC
  6. 6. •Trust & empowerment > Creates opportunity.• Internal or external circumstances > Creates motivation.• As a result loss apx. 5% of Yrevenue. BALTIC SECURITY LLC
  7. 7.  Not to create environment of suspicion and mistrust. Moreover, constant reporting to multiple controllers has to be reasonable, cost and time effective Bureaucracy drawbacks. BALTIC SECURITY LLC
  8. 8.  No universal approach External independant consultants View from aside Knowledgeable specialists BALTIC SECURITY LLC
  9. 9. Tips/ hints may lead touncover fraudulent activitiesand reduce losses.E.g. round numbers, presenceof offshore firms, simplemistakes in dates, and indeedthe existence of the companies. BALTIC SECURITY LLC
  10. 10.  Information gathering followed by interview or other relavant actions. First hints of possible fraud are detected it has to be investigated. Covert investigation. Not to be biased and look at the issue from all the possible angels. BALTIC SECURITY LLC
  11. 11.  As enough info is gathered the subject and ideally possible links shall be simultaniously approached for explanations. Finally, depending on the harm possible solutions may be offered to correct the mistake the person done. BALTIC SECURITY LLC
  12. 12.  Every action has a reaction. Thoroughly developed fraud prevention proceedures able to save thousands on losses, law suits or harm to reputation. BALTIC SECURITY LLC