The role of certified fraud examiners

Unfortunately, many businesses are targets for employee thefts, embezzlements and online fraud, resulting in substantial losses. Some thefts continue on for years before they are discovered. Business owners who suspect that thefts are happening may hire certified fraud examiners. These professionals analyze the business documents and computer equipment to find evidence of fraud. Their work may help business owners to recover portions of the money that has been stolen.

The largest fraud industry group is the Association of Certified Fraud Examiners (ACFE). The ACFE puts out excellent annual fraud reports on the state of business fraud worldwide. ACFE also puts out Fraud magazine which is a great resource for recent fraud stories as well as methods for fraud detection and fraud prevention.

What are certified fraud examiners?

Certified fraud examiners are specialized accounting professionals. They generally need at least a Bachelor’s degree and must pass an in-depth examination in order to receive their certifications. These professionals work for the government, in private practice for businesses and at banks. Their jobs involve helping to investigate suspected fraud and to identify the perpetrators.

What do certified fraud examiners do?

With the advent of the internet and advances in technology, it is important for certified fraud examiners to be highly skilled in the business side of IT. Many thefts happen over the internet because of the ease of transfers and access by hackers. Thieves who steal by using the internet leave digital traces behind, and fraud examiners have the skills that are necessary to find those traces and identify the responsible parties. In addition, they may also review account statements, bank balances, credit card statements and others to find corresponding withdrawals or transfers to what they find through their online review. Fraud examiners trace where the money went and use the information that they uncover to testify in court.

How you can help prevent fraud

Small business owners should work to prevent fraud from the start. Some businesses are crippled by losses from employee thefts. Business owners might want to move away from antiquated accounting systems such as petty cash, bank transfers and check writing. Instead, they might want to try the business debit cards from Bento for Business.

The debit cards from Bento for Business allow you to have control at the level of each transaction. You can establish limits on each card according to the spending categories that your employees need to do their jobs. If they attempt to make purchases of other items that are not allowed, the attempts will be immediately declined. You will also be able to log into your account and view all of your business debit cards, their balances and your employees’ transaction histories. The cards can be turned off or on from your dashboard with a simple click, allowing you to instantly turn a card off if you see an issue. Bento for Business uses the highest level of encryption technology to protect your money from internet thieves. Your deposits are also insured by up to $250,000 through the FDIC.

You can order up to 10 cards for a low monthly fee of $29. The cards allow you to avoid reimbursement forms, control spending at a micro level and make certain that your company’s spending stays under control.

Contact Bento for Business

Certified fraud examiners help businesses stop ongoing embezzlement and fraud. It is important for you to take steps to prevent fraud from ever happening. It is an unfortunate aspect of business that employees sometimes steal money or assets from their employers. With the debit cards from Bento for Business, you can stop thefts before they start. Start your 60-day free trial today or call 866.220.8455 to learn more.