Odd Peak

Preserving & Protecting Your Business Integrity Against Fraud Acts

Integrity matters to your business. Well-established organisations and large businesses aren’t safe from fraud and financial crimes. In order to combat such dishonest acts, hiring a private investigator in Singapore is the most viable solution.

Private Investigators

Private investigators are specialised people who undertake and conduct more private investigations. Organisations, either private entities or government agencies can also hire private investigators. Many PI’s will work for insurance companies to help in resolving finance misconduct claims.

A private investigator can also fulfil the role of a fraud investigator in Singapore, which is among the most common reasons firms hire them. However, they can also conduct different investigations, from infidelity concerns to child custody cases and even arson.

On the Role of PIs In Corporate Concerns

Many people would assume that private investigators have legislative powers or have any form of influence within the civil force of the state. In truth, however, they are just civilians who have the tools, deep knowledge and experience in conducting an investigation. They use these components to gain leverage and fulfil their role according to the client’s needs.

These investigators also use methodologies that make them effective in doing their job. They can pull out mobile forensics, digital research, perform background checks, etc. A private investigator needs to spend time establishing and verifying information. On the other hand, police forces can have quick access to the nationwide database for collecting and verifying information. A private investigator can conduct:

Surveillance services

There are few situations within the organisation where an employee can secretly work with a rival company. Employees can also sabotage or even steal to disseminate secret or confidential information to competitive enterprises. If left unchecked, such an act can do serious harm to a business. Hiring a private investigator in Singapore can help provide surveillance and undercover solutions to deal with such notorious acts.

Find people

A private investigator can provide assistance in finding key personnel that can serve as ‘witnesses.’ It is in situations where a certain person can provide the answers and help ease the investigation process. Private investigators have their way of locating people using a variety of ‘search’ methods or techniques.

Perform organisation security checks

Another reason why corporate entities hire a private investigator in Singapore is that PIs can identify organisational threats. They can help determine weak points and be able to come up with a devised strategy or sound plan to counter exposed security problems. It helps strengthen the organisation and be able to prevent future problems that could have arisen without awareness.

Perform background checks

Among the expertise and service that a private investigator can provide is detailed background checks for pre-employment. It has become a necessity for several large firms to have a background check report since it avoids any dishonest acts or mistakes that can cause losses and damages.

Financial Frauds in Small Business

Financial fraud is an occurrence. Small businesses aren’t saved from people who can get on the edge to exploit a firm. Businesses, no matter their current size, need to determine threats within the organisation. These threats, if left alone, can potentially harm and bring about damage. What’s scarier is small businesses are much more vulnerable to these types of fraud cases. These firms can lose way more money than medium-sized or larger enterprises due to their limited resources and much ‘weaker’ system.

Those firms who have experienced almost 6 figure losses are having difficulty recovering. The recovery process for such a situation can be complicated, even with the aid of professional investigation firms. Nonetheless, having the right private/fraud investigator in Singapore and approach can help small or startup businesses from bouncing back while ensuring that people involved will be accountable.

Fraud Investigator & Internal Organisation Controls

There’s no doubt that the driving force behind fraud schemes and other dishonest acts is greed. Fraud is likely to take place in small organisations since most small enterprises have far lower resources to implement countermeasures, prevent and recover. The lack of proper organisational controls is also to be blamed, unlike in larger companies with strict environmental control.

However, what a private/fraud investigator in Singapore can do in this situation is to conduct a thorough assessment. They can start the initial phase by collecting and connecting information and evidence concerning the fraud scheme and confirming that it is not just a form of fictitious invoices. If such suspicion proves that a fraud has indeed taken place according to relevant information, the investigation will establish its goal in identifying the progenitor or perpetrator.

The investigation will go about in phases such as assessing the org’s finance, the addition of discreet and confidential interviews of staff, monitoring, phone forensics, even surveillance, etc. The findings in the investigation’s result will be documented and reported along with supporting evidence.

Fighting Business Fraud – What Does It Take?

While you might not know yet if your organisation is vulnerable to these types of schemes, it’s not impossible to stop business fraud from taking place inside your workplace. One initial idea to help prevent fraud is to understand that it can come from many facets inside an organisation. It can come from:

  • employees
  • clients
  • third party entities outside your business
  • distributors or suppliers

While it is necessary to hire a private investigator in Singapore to achieve resolution your organisation still has a role to minimise the chances of it occurring. It is necessary for an organisation to be:

  • sceptical
  • know their clients
  • know their suppliers or distributors
  • develop a deeper understanding of how finance works
  • enhance security against cyberattacks
  • identify weak areas/spots in the organisation
  • devise a plan or strategy to counter fraud
  • develop an action plan
  • ask for professional help

Fraud can deal so much damage and can account for untold numbers of losses it can inflict on your business. Understanding these basic steps and ideas, and even asking for professional help from a fraud investigator in Singapore can help save and recover your business – preserving its integrity.

If you’re looking for a private or a fraud investigator, visit CDiC Consultants for digital, computer, and mobile forensics investigation services.