Fraud Prevention
PwC’s Fraud Prevention team is the fence at the top of the cliff, not just the ambulance at the bottom, and lends its skills in detecting and impeding fraud.
An ounce of prevention is worth a pound of cure
How can I prevent fraud in my business? All too often, Forensic Services are tasked with being the ambulance at the bottom of the cliff. However, if you’re asking yourself this question, you’re likely looking to build a fence at the top of the cliff too, just in case.
Fraud can often be prevented with some logical steps. For instance, given that most fraud is carried out by employees, the first stage of fraud prevention is to stop the wrong people entering the organisation altogether with a robust screening process. Next comes a definitive and well communicated fraud policy to deter mistakes that can lead to employees aiding in fraud, as well as a well-designed, implemented and communicated fraud prevention controls and strategies.
It is often worthwhile offering training to all employees – particularly in the finance function – as to what constitutes fraud and how it is prevented, detected and reported. And finally, proactive testing of an organisation’s systems and the information they hold by way of suspicious transaction analysis can identify fraud before it becomes material in size, preventing large losses at a later stage.
How PwC can help
PwC’s Fraud Prevention team know that an ounce of prevention is worth a pound of cure, so they focus on plugging all the possible holes in an organisation’s people and systems to safeguard it from fraud. The services we offer to do so include:
- local and overseas pre-employment screening and background verification checks
- drafting, implementing and communicating fraud policies
- high-level or detailed fraud risk reviews of an organisation
- designing and implementing fraud prevention strategies
- training in fraud prevention, detection and investigation
- analysis of suspicious transactions
Typically, we are called in after an organisation has experienced a problem or suspects that there might be an issue with an employee. However, we always welcome the chance to be proactive, discuss potential issues with clients and prevent fraud occurring, rather than investigate problems afterwards.
