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Fraud Prevention

Implementing effective anti-fraud programs to reduce the risk of fraud.

With full support from an organization and proper implementation, an effective anti-fraud program can serve to significantly reduce the risk of fraud and increase the likelihood that, if fraud does occur, it will be detected at an early stage. BDO Consulting’s fraud prevention services assist in promoting best practices designed to promote an environment that reduces the risk of fraud and allow it to be exposed early should it occur. Seasoned fraud investigators developed the BDO Consulting's Fraud Prevention practice based on the skills and insights they gained through conducting numerous fraud investigations. An anti-fraud program can help an organization identify, remediate and monitor the specific risk factors that set the stage for fraud.

Based on our investigative experience, certain conditions involving a lack of awareness or inadequate practices can create a fertile environment for fraud within an organization. Such conditions include:

  • Lack of awareness of fraud risk factors
  • Inadequate control activities for identified fraud risks
  • Insufficient knowledge of the warning signs of fraud
  • Inadequate screening practices (for employees, vendors, and customers)
  • Insufficient understanding of ethical duties at all levels
  • Ineffective mechanisms for reporting and investigating fraud
  • Ineffective board and audit committee oversight

BDO Consulting's fraud prevention services are designed to identify and address the above conditions so that an organization can proactively manage its fraud risks. An organization can implement individual fraud prevention elements or a comprehensive anti-fraud program.

Elements of an Anti-Fraud Program

  • Fraud risk assessment
  • Fraud education
  • Ethics awareness and education
  • Background investigations
  • Mechanisms for reporting and investigating fraud
  • Board and audit committee oversight

Strategic Partners Providing Fraud Prevention Services

The Network is a pioneer in anonymous tip lines. Our relationship with The Network provides clients with a single source for implementing and maintaining tip lines, creating a corporate culture that inspires ethical behavior and repels fraud as well as a comprehensive fraud prevention and detection program.

Oversight Systems’ software provides a platform for continuous monitoring of transactions with powerful analytics that excel at finding problems. By inspecting each step of individual transactions across all financial systems, the software can be used to provide real-time monitoring of transactions and assist in the timely identification of potentially erroneous or fraudulent transactions.

Ethics Education

BDO Consulting also works with various strategic partners to provide education and training essential for establishing an effective ethics program within an organization. We work with our clients to customize each ethics program to meet their strategic goals and objectives, taking into consideration our clients’ specific business, culture, location and industry.

Glenn Pomerantz
(212) 885-8379 - email

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