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Learn If You Are Experiencing Sticky Fingers

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In this edition we have written about Sticky Fingers and Fraud Detection.

 

We want to write about what you want to know. Please e-mail us your topics of interest at fraudalert@cadfaelinvestigativegroup.com.

 

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Thomas M. Rucke, President
Cadfael Investigative Group, Inc.


STICKY FINGERS 


How much money is your organization or business losing to embezzlement?   How much money are your clients / customers losing to fraud schemes like embezzlement? Have you noticed the increased number of former employees who have been prosecuted for embezzling funds from the organization they use to work for? Tell the truth - were you shocked by the amount of money that was lost through embezzlement? I know I was.

 

No one wants to be the victim of a fraud scheme, but the possibility of victimization is a reality all organizations face. In our current economy there is increasing pressure on many of us. My husband lost his job. My pay or work hours have been reduced by 10%. I have been laid off. When one's income stream is reduced and the mortgage needs to be paid along with the real estate taxes and medical insurance this can cause staggering stress on home finances. Add college tuition that was started or promised in better economic times, and you've got a recipe for massive stress.


Lately we have been receiving significantly more requests to investigate incidents of embezzlement. Some suspect embezzlement and
... Read More  

 


Fraud Detection

 

I often hear, "I suspect that my employee is embezzling from my business. What do I need to do?" Most clients who ask this question have two things in common:

 

1. They are angry that one of their employees is stealing from them.

 

2. They still believe they can resolve the issue themselves.

 

But most business owners/managers do not possess the skills and experience necessary to ferret out the schemer. Often times they begin by having an accountant audit the company, but this is usually unproductive, because an audit conducted by an independent CPA firm is not designed to uncover fraudulent activity; it is intended to provide reasonable assurances that the financial statements do not include any material misstatement as a result of fraudulent activity. If during the audit, fraud is discovered, it is not by design but by accident. Only a very small percentage of fraud is revealed through an audit.

 

When organizations find themselves victimized by a fraud perpetrated by one of their own employees, they typically deny that an insider could commit such a heinous act of betrayal. Sometimes suspicions are dismissed because of friendship or familiarity. Even organizations that realize they are at risk of insider attacks often do not have the experience or ability to find and document actionable evidence that proves beyond a reasonable doubt that an individual employee has devised and implemented a scheme to defraud their organization.

 

Such an investigation is difficult, mainly because the embezzling employee has discovered a way to steal funds and cover evidence of his thefts. He has developed... Read More

 

 July 2012
In This Issue
Sticky Fingers
Fraud Detection
Fraud Tip
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Fraud Tip

Remember: Scammers are desperate people. Desperate people will resort to desperate action. Trust placed in them will have little value. They will convince themselves that stealing from you is reasonable, necessary and will not hurt you. Protect yourself, your organization and your customers by working with Cadfael to devise prevention/ detections measures to defeat fraud in your business.

 


If you suspect fraud or are troubled by an offer, call us with the information. We can help you identify if it is a fraud. Remember, if something appears too good to be true, it usually is.


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"We have to distrust each other.  It is our only defense against betrayal."   

 

~Tennessee Williams  



About Us
At Cadfael Investigative Group, Inc. we help our clients' identify and eradicate fraud. We provide them with the power of knowledge. We bring added information and insight to clarify and understand challenges they face.

Our investigative focus is on fraud identification and prevention in the legal and business communities of Minneapolis, MN. Our focus in the area of our expertise allows our experienced investigators to utilize their skills and gives our clients good value for their investment and an economic advantage. We provide our clients information they need to protect their clients and business. We also provide them with new services and capabilities that free up their time so they can focus on what they do best.

Our clients benefit by improved employee loyalty, increased profitability, and less time and resources spent managing internal losses. Learn more...


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1161 East Wayzata Boulevard
Suite 94
Minneapolis, MN 55391
Office: (763) 694-6086
Fax: (763) 577-0343
info@cadfaelinvestigativegroup.com
www.cadfaelinvestigativegroup.com

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