Check Fraud Investigation Procedures on the Rise in Singapore
The Growing Threat of External Fraud
In light of the increasing threat of external fraud, businesses in Singapore are being urged to take proactive measures to prevent and detect fraudulent activities. According to experts, check fraud is one of the most common types of financial crimes, resulting in significant financial losses and reputational damage for affected companies.
The Devastating Impact of Check Fraud
The impact of check fraud can be devastating, with organizations facing not only financial losses but also potential disbarment from tendering processes, penalties, and reputational damage. In order to mitigate these risks, it is essential that companies have robust procedures in place to detect and investigate fraudulent activities.
Expert Assistance for Check Fraud Investigations
Our team of experienced investigators, forensic accountants, and certified fraud examiners can help businesses in Singapore prepare for and respond to check fraud investigations. Our services include:
- Independent review
- Forensic accounting
- Transaction due diligence
- Review of controls and policies
- Asset tracing and recovery
- Corporate intelligence
- Strategic threat management
- Training for internal audit, risk management, operations, finance, legal, and compliance functions
Key Areas of Assistance
We can assist with key areas such as:
Prevention
- Developing a code of conduct
- Implementing internal controls
- Establishing whistle-blower programmes
- Conducting risk assessments
Detection
- Continuous monitoring of suspicious transactions and fraud indicators
- Testing the effectiveness of internal controls
- Responding to whistleblowers’ allegations
Investigations and Response
In the event of a suspected check fraud incident, our team can assist with:
- Investigations
- Gap assessment
- Dealing with misconduct
- Litigation support
- Recovery of assets
- Remediation
- Training
Our experts leverage leading technology tools, global reach, and credibility with regulators to bring insights with precision and speed.
Minimizing the Risk of Check Fraud
By having effective procedures in place, businesses in Singapore can minimize the risk of check fraud and ensure that they are well-equipped to respond quickly and effectively in the event of a suspected incident.