Fraud. What exactly is it? Fraud is a variant of theft or embezzlement, often committed within a company or a (business) partnership. As such, it is referred to as corporate fraud. Other examples include malpractice, misconduct or incidents. It is important to report the fraud at all times so that a thorough fraud investigation can be launched.
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Examples of corporate fraud, incidents and misconduct
In the 60-plus years that Hoffmann has been conducting fraud investigations, we could list an endless number of examples. Here we outline some common types of fraud reports:
- Theft in the workplace, from a dip in the cash till to the disposal of assets from a warehouse.
- Employees illegally transferring funds to their own bank accounts or invoice fraud.
- Doing business with non-existent suppliers and creating fake invoices for them.
- Passing on vital business information or trade secrets to a competitor for a fee or having unauthorised access to management information and misusing it.
- Anonymously sending threatening emails to a supervisor or other colleagues.
- When it comes to fraud committed by outsiders, so-called CEO fraud is common. CEO fraud is taking on increasingly sophisticated forms. In CEO fraud, fraudsters ask a member of your organisation’s financial team to transfer money in the name of the CEO.
Whatever the case, the damages associated with fraud are often extensive. Moreover, fraud carries a risk of reputational damage. It is therefore sensible, as soon as you suspect fraud, to have a fraud investigation carried out by one of our fraud investigators as quickly as possible.
Use of digital forensic investigation
Do you realise that the entirety of your business records can fit on a USB stick or be stored somewhere in the cloud at the click of a button? These technologies introduce additional risks in terms of malpractice, one of these being corporate espionage. A rogue employee who uses company computers and or company network leaves traces behind. During a digital forensic investigation, our digital forensic investigators search your organisation’s complex digital environment. Our digital forensic investigators are specialists in their field and can draw on their years of experience with the Dutch police, to name just one example. At the start of a fraud investigation, our digital forensic investigators and tactical investigators work together closely to secure the required information and make it searchable.
How do fraud investigations work?
When conducting a fraud investigation, we try to establish in detail the fraud that has been committed and who was involved. To do this, we go through everything in the records that is relevant to the investigation. Our investigators then analyse and interpret the data. This is followed by interviews with informants, witnesses and possible perpetrators.
How does a digital forensic investigation work?
During a digital investigation, our digital forensic investigators secure the relevant data from all possible data carriers, such as hard disks and back-up tapes, or information transported as streaming data over networks. After this, the digital forensic investigator makes sense of the data, performs a comprehensive analysis and interprets all the data.
The results of the investigations are then presented to you in an investigation report. You can use this report in labour law or civil law proceedings, or as part of a report filed with an investigation authority.
Do you have questions about digital forensic investigations?
Do you have questions or suspect fraud within your organisation? If so, please do not hesitate to contact us without obligation. Our specialists are ready to assist you.
Our specialists would be pleased to assist you.
Or contact one of our consultants directly.
Preventing fraud
Bespoke fraud prevention advice can help you prevent fraud and reputational damage as well as limit any financial losses. Our years of experience in investigating fraud and misconduct have given us a wealth of knowledge regarding how fraudsters operate. Our database is full of scenarios and trends. We are more than willing to use this knowledge to identify your risks as part of a preventive approach.
Our approach: pragmatic and effective fraud prevention
Hoffmann’s preventive advisory approach focuses on the specific fraud risks that your organisation may face. In this, we work pragmatically while also considering the effectiveness of the existing AO/IC, or Administrative Organisation and Internal Control. Hoffmann’s audit is different from that of an accountant. It is not about whether there is control, but about how effectively it is used and whether fraudsters are able to circumvent the AO/IC.
You will receive a clear fraud prevention plan for your organisation based on our investigation. Here, we zoom in on organisational and physical security measures as well as the culture of and fraud awareness within your organisation. If you wish, Hoffmann can also provide you with the necessary specialist knowledge when implementing the plan.
An abridged fraud scan as a first step
An abridged fraud scan of your (financial) processes can be a first step towards identifying your business risks. We do this by testing your AO/IC, among other things. The abridged fraud scan offers an overall impression of the controls your organisation uses. This allows us to provide an initial insight into the potential fraud risks in your organisation. Many of these risks can be reduced to a minimum by taking simple measures. Some risks require greater expertise, and we would naturally be happy to help you with that. And when you purchase an abridged fraud scan from us, you will be entitled to an attractive discount on fraud insurance with our partner, Allianz Trade.
Allianz Trade fraud insurance
With over 100 years of experience, Allianz Trade offers the solution that provides you with greater security when doing business on credit. Their expert analysts utilise the latest technologies. In this way, they gain interesting insights and provide directly applicable information to companies of all sizes and in all sectors.
Allianz Trade’s fraud insurance protects your company against financial losses caused by internal and external fraud. Whether the fraud is committed inside or outside the company, financial losses must first be identified and perpetrators held liable—and that costs money. These costs are also covered by their fraud insurance.
Have you recently had an abridged fraud scan done by us and followed through on the recommendations? Then you will benefit from an attractive discount on Allianz Trade fraud insurance.
Together, we prevent companies from incurring millions in losses due to fraud.
Would you like additional information on fraud prevention?
Do you have questions or need immediate advice? Then please do not hesitate to contact us without further obligation. Our specialists are at your service.
Our specialists are ready to help you.
Whitepapers Fraude.nl
Hoffmann has a unique partnership with Lexence Attorneys and Allianz Trade, which has resulted in the creation of Fraude.nl.
Would you like additional information? Then download our free white papers on corporate fraud now:
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Contactformulier Fraude onderzoek