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FRAUD INVESTIGATION IN BANKS

Fraud occurs when all the following exist:

• an individual or an organisation intentionally makes an untrue representation about an important fact or event;

• the untrue representation is believed by the victim (the person or organisation to whom the representation has been made);

• the victim relies upon and acts upon the untrue representation;

• the victim suffers loss of money and/or property as a result of relying upon and acting upon the untrue representation.

Every bank needs a channel through which employees, suppliers, contractors and other third parties can report irregular activities, free from victimisation or repercussions.

The primary means of detecting fraud will and should always remain a sound system of internal control and regular internal audits.  These measures should be supplemented with a fraud-reporting channel where information regarding fraud, theft and corruption is collected, and decisive corrective and protective steps are taken to limit the bank's exposure to further or future loss.

Most banks have embraced the concept of a crime-reporting channel through which interested parties can report irregular activities by staff, outside individuals or companies towards their organisation.

The costs involved in installing such a channel have proved prohibitive to many banks, or the cost involved is not considered justified in light of their perceived problem.  CFE-In-Practice has provided a solution to this problem by providing an effective cost efficient service as an alternative to the products currently on the market.

Investigative Service:

• Collecting and safeguarding evidence

• Tracing witnesses and suspects

• Compiling affidavits and taking statements

• Surveillance

• Interviewing and questioning witnesses and suspects

• Facilitating polygraph examinations

• Facilitating expert document examinations

• Verifying witness testimony

• Compile criminal and disciplinary cases

• Competent testimony in disciplinary, civil or criminal proceedings

• Preparing comprehensive financial profiles on individuals and companies

• Asset tracing & recovery

• Money laundering investigations

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