What is Fraud Investigation?

Fraud is defined as a false representation or the concealment of a material fact with the intent and result that it be acted upon by another to his loss or detriment. It is making a false statement of a past or existing fact with knowledge of its falsity or with reckless indifference as to its truth with the intent to cause another to rely upon it, resulting in his injury. Fraud is a very serious crime committed in companies around the world. People and companies can become unwelcome victims of this form of crime; it can cost a company thousands in damages and can leave them with a very bad reputation with customers, which can have long term negative effects in the long run. There is nothing in your business that can be eliminated from the bag of fraud. Be it Business documents, financial documents, prescriptions, securities, mortgage, tax, any document is at risk.

Why is Fraud Detection Important?

For the businesses of present times, the need for fraud detection is primary. Preventing fraud is far less expensive and far more useful. It reduces the amount of money lost to fraud, and also the need for fraud investigations and the money which need to support the investigations.

The benefits of fraud detection include the following

• Reduced exposure to fraudulent activities
• Reduced costs associated with fraud
• Have organizational controls
• Improves the outcome of the organization
• Gains the trust and confidence of the customer in the business
• To know the susceptible employees at risk to fraud

 

 Need for Fraud Investigator

With the increasing crime rates in the world, the need for trained professional security guard arises drastically. Nowadays with all the current enhancement in the technological innovations there exists wide to increase the occasions associated with frauds. Three important rules of fraud investigators are:

1. Whenever possible, inquiries should be concentrated around the central issue or hub of the fraud.
2. Investigators will not require the most complex solution to the case.
3. If concealment is difficult to unravel, investigators should "follow the money" - determine who benefited at the end of the fraud and work backward.

A fraud investigator is a person who inspects the matters related to the fraud, which are suspicious or in doubt for some reason. These investigators in this field have different specialties & backgrounds so as to resolve these types of problems. Though such type of investigations is usually conducted to combat fraud, moreover these investigators will work simply to carry out the circumstances of a particular claim.

At ICFECI our fraud investigations teams are highly trained professional people who are qualified ultimately to detect different fraud cases. These investigators have a couple of years of experience in dealing with various types of investigations from commercial fraud to health fraud. We have the capability to handle the cases of health and insurance fraud, tax frauds, Ponzi schemes, Securities, mortgage, and cases of public corruption etc. We will document our investigation, giving you a complete report which you can use.

Conclusion

Choose ICFECI, who provides a top-level Fraud Investigation Service at a highly competitive price. To know more about our investigator, call us at 214-384-3246.

Blog Source : https://icfeci.wordpress.com/2019/01/29/what-is-fraud-investigation/