FraudSeeker™: NAFA’s Proprietary Tool to Identify Points of Risk

Forensic experts employ predictive analytics to prevent organizational fraud

Do you suspect that your company is being defrauded? Do you have unexplained shrinkage in your inventory? Are your profits less than your revenues suggest they should be? If so, chances are that one or more people in your organization are enriching themselves at company expense. But how can you tell who, and how can you gather the evidence necessary to take proper action? Most business owners don’t know where to start when it comes to detecting fraud, because the data they receive from their normal accounting processes don’t give them sufficient insight into their operations. At North American Forensic Accounting, we’ve developed a diagnostic tool we’ve dubbed FraudSeeker™. With this tool, we can exploit the information you have on hand from your business records and internal audits. Using sophisticated predictive analytics, we can pinpoint where in your organization fraud is most likely to occur and even which of your employees is most likely to commit it. Equipped with detailed information, you and your legal counsel can pursue the appropriate remedies.

FraudSeekerTM helps corporate leaders overcome obstacles to fraud prevention

Fraud is a widespread problem throughout every industry. Like an invasive weed you can’t eradicate, fraud flourishes because standard practices do not adequately address the threat. There are several reasons for this, such as:

• Many fraud schemes are too sophisticated for common prevention tactics.
• Companies often “silo” information, so leadership does not have an overall view sufficient to connect all the dots.
• The way data is structured does not allow leadership to access it easily.
• Personnel charged with data analysis are not adequately trained in fraud detection, so they miss the red flags.

FraudSeeker™ compensates for these inadequacies, supporting and energizing your fraud prevention efforts. Integration of data is a key element to the FraudSeeker™ process. We draw data from your company’s separate silos and compare the information, relying on assumptions we’ve developed over decades of investigative work. For example, our certified fraud detection experts have discerned there is a consistent correlation between employee infractions of HR requirements and their commission of fraud against an organization. Despite this obvious “profile,” companies attempting to get to the root of a fraud problem rarely tap into their own HR data.After decades of fraud prevention practice, NAFA has developed a detailed understanding of fraud mechanisms. This allows us to reverse-engineer fraudulent schemes into our FraudSeeker™ analysis. As a result, our fraud risk evaluation mimics the modus operandi of common fraud conspiracies. Therefore, we can detect any levels of activity that might be attributed to a sophisticated fraud scheme. With this strategy, we can identify fraudulent activity that slips through the cracks of most fraud prevention systems.

Helping you construct a firm barrier to fraud

NAFA’s FraudSeeker™ tool correlates data points throughout your company to present an up-to-the-minute assessment of your fraud risk. But FraudSeeker™ goes beyond mere analysis to identify, prevent and investigate possible fraud. FraudSeeker™ enables NAFA to:

• Train your personnel — NAFA offers training on fraud awareness, prevention and detection to corporate leaders who, too often, have a limited appreciation of the threat fraud poses to their company. In our experience, corporate officers suffer from emotional bias that prevents them from even considering their own employees might be fraudsters. FraudSeeker™ supplies the basis for having a necessary discussion within your stakeholders. Our report provides a baseline understanding for your people, whom we can then train to combat fraud for the good of your company.
• Monitor fraud continuously — When your company uses FraudSeeker™ to monitor data on an ongoing basis, you can maintain vigilance against fraud. NAFA can also provide guidance on fraud detection for your next internal audit.
• Investigations – If FraudSeeker™ suggests a likelihood of fraud, NAFA can help your auditors and/or legal department investigate, or our experts can take the lead in a fraud inquiry.

FraudSeeker™ is a service that most often pays for itself. The benefits of cutting off the losses due to fraud far outweigh your investment with NAFA. FraudSeeker™ is a proven resource that is becoming essential in the fight against insider fraud.

Contact North American Forensic Accounting to learn more about FraudSeekerTM

North American Forensic Accounting offers FraudSeeker™, our advanced diagnostic tool to help companies throughout the United States and Canada identify fraudulent activity and hold wrongdoers accountable. To learn more, call us at 347-286-4860 or contact one of our offices online to schedule an appointment. Headquartered in Harrisburg, PA, NAFA serves clients throughout the United States, including in Philadelphia, Pittsburgh, New York City, Atlanta, Charlotte, Miami, and the Tampa Bay Area.