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

Forensic experts employ predictive analytics to prevent organizational fraud

Most organizations are victims of fraud at some point. Fraud schemes can persist for months, even years before they are detected, sometimes resulting in losses of hundreds of thousands of dollars or even more. Red flags may be evident across the business, but many leaders may not be astute observers to discern them or know what steps to take when they suspect wrongdoing. What if there was a way to identify where fraud could occur so steps could be taken before a problem occurs?

At North American Forensic Accounting PC, we’ve developed a proprietary diagnostic tool we’ve named FraudSeeker™. With this tool, we can analyze a spectrum of information you likely have on hand in your business records. Using sophisticated predictive analytics, we can pinpoint weak spots in your organization where fraud is most likely to occur, and even which of your employees is most likely to commit it. Equipped with detailed information, you can strategize with your legal and audit teams on taking preemptive steps to prevent fraud from happening in the first place.

FraudSeeker™ helps corporate leaders overcome obstacles to fraud prevention

Fraud is a widespread problem throughout every industry. Like an invasive weed, fraud flourishes because standard business practices often 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 leaders do not have an overall view sufficient to connect all the dots across business processes.
• Data structures and storage prevent leaders from accessing it easily.
• Personnel charged with data analysis are not adequately trained in fraud detection, so they can miss the red flags.

FraudSeeker™ compensates for these inadequacies, supporting and energizing your fraud prevention efforts.

After decades of fraud prevention practice, NAFA has developed a detailed understanding of fraud schemes and we have reverse-engineered them into our FraudSeeker™ tool. As a result, our fraud risk evaluation mimics the modus operandi of common fraud techniques. 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 learnings we’ve developed over decades of investigative work. For example, our certified fraud detection experts have discerned a consistent correlation between employee infractions of HR policies 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. With this strategy, we can identify exposure areas that slip through the cracks of most fraud prevention programs.

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 savings from catching fraud early, or preventing it in the first place, far outweigh your investment with NAFA. FraudSeeker™ is a proven resource that is becoming essential in the fight against fraud.

Contact North American Forensic Accounting to learn more about FraudSeeker™

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. NAFA serves clients from offices throughout the United States, including in Philadelphia, Pittsburgh, New York City, Atlanta, Charlotte, Miami, and the Tampa Bay Area.