Corporate fraud and corporate identity theft

Corporate fraud and corporate identity theft have become increasingly more common and  Companies House estimate that corporate ID theft is costing British business as much as £50m a year.

The true figure however could be much higher, with average losses to victims of corporate identity theft around £2m for each case. Statistics also suggest that more than 80% of corporate fraud is committed by existing employees, which is very worrying indeed.

The majority of fraud cases are uncovered by accident, and often when it’s too late. That’s why at Profile Security we place as much emphasis on prevention as we do on recovery.

Of course prevention is better than cure but so many corporate businesses are reactive, why? Well there is the “it will not happen to our business approach”, lack of time to be proactive and the lack of drive from senior management for risk audits to be carried out.

For our existing clients audit and examine, ring-fence and upgrade, then re-examine – systems, people, processes, supply chains and more we provide each client with specific indicators which can be monitored to spot trouble.

If what you suspect has already happened, we’ll investigate – covertly and discreetly – until we identify the source of the problem. As well as tracing missing funds and assets, Profile security will protect your brands and intellectual property by going after product counterfeiters, tracing patent and trade mark infringements.

As a leading provider of security guarding and investigation services, Profile has solutions delivered by experts to help businesses assess, monitor and prevent corporate fraud.

Take action

There are a few things you can do now that really is just best practice and housekeeping. For example: Control who has access to equipment, documents and computers to prevent unauthorised use. Train your staff in your security systems and your disciplinary policies and procedures. Divide duties between staff so any irregularities will be spotted and introduce appropriate supervisory and monitoring controls. Random spot checks are effective at preventing fraud.

Sometimes the way people behave might be giveaways that they are committing a fraud. . Although by themselves they may not be any cause for concern, a few of the points below put together might be enough to cause concern.

Such indicators might be changes in behaviour, large personal debts or financial losses. Your audit findings show errors or irregularities and look out for transactions taking place that were at an odd time, odd frequency, and unusual amount or to odd recipients. Identify internal controls that are not enforced, or often compromised by higher authorities and check for missing inventory or physical assets.  The list of indicators is almost endless but with an audit from Profile Security you can be assured of peace of mind and support when you need it most.

This entry was posted in Fraud, identity Theft, Security companies, Security Consultants, Security Guard companies, Security Vetting, Uncategorized. Bookmark the permalink.

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