Most people hear about frauds when some major crime has been committed, millions of rupees have disappeared from businesses or when a public listed company falls leaving unexplained losses in the hundreds of millions. Even though these big frauds seem to be more common, we tend to forget that a great majority of frauds (in volumes) are committed by employees in businesses. The easier targets for the fraudster exists in the businesses because of lack of control systems.
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Occupational fraud |
This fraud occurs when a prospective employee wants to join an organization. The fraud takes one or many forms in terms of faking educational qualification, work experience, hiding criminal history or hiding a bad credit history.
We at Screen Facts offer comprehensive Employment Verification which mitigates the risk may occur due such frauds.
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KYC Fraud |
Know Your Customer Norms violations, omissions are second most common set of frauds faced by sales organizations. The concerned sales executive/officer out of his desire, pressure to achieve the sales target fails to do the basic diligence of meeting the customer face to face, not sighting the original documents, not meeting all holders and only meeting the key person, colluding with customer and prepares false documents or utilizes old customer data/documents to get a new sale without the customers knowledge.
We at Screen Facts can help organisations draw a process for training new hires on KYC and its importance. Train the dip-testers to identify doctored documents, set a process for call backs based on productivity of sales person, set up penalty grid/matrix for punishing and rewarding erring sales executives.
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Cash Fraud/ Cheque Fraud |
Cash is generally the most vulnerable and most commonly targeted asset for fraud. It is generally available, relatively easily converted to a usable form and it is difficult to prove ownership of cash monies. Even though the use of cheques has decreased due to increasing use of debit, credit cards, electronic transfers, cheques are still a very common for payments to be made.
A comprehensive investigation starting with nature of fraud right upto fraud audits to prevent recurrences is done by the company. The fraud practice follows time tested modules devised by Screen Facts to diagnose, cure and prevent the recurrence of the fraud.
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