Loss & Fraud Prevention

Taking a proactive approach to identifying and preventing losses in all forms is one of the best ways individuals can protect their income and assets.

“Loss Prevention Shield is the foundation of financial risk management for individuals and organizations. Everyone must be proactive in shielding income, assets, and business interest to protect their future livelihood.  Our mission is to minimize the risk of financial loss through analysis and identification of financial risk areas and addressing those risk through developing a loss control program  – Medhat Bahnan, President Accounts International, LLC

A recent “KPMG Fraud Survey” found that organizations are reporting more experiences of fraud than in prior years and that three out of four organizations have no loss & fraud prevention measures.  Accounts International is available to consult individuals and organizations on issues related to the management of financial risks.  Accounts International’s “Loss Prevention Shield” aims to eliminate financial losses due to malfeasance and violation of fiduciary duties by trusted advisers.  By existing as an independent third party which validates the action of fiduciaries, Accounts International provides assurance of financial integrity for its clients.  We assist with the analysis and identification of financial vulnerabilities and with recommending strategies to best address those risks.

Questioning is one of the more valuable benefits we offer to our clients.  Questioning their processes and challenging the mechanics of why they conduct business in the manner that they do.  Loss Prevention Shield supports two primary customer segments:

  • High net-worth individuals (i.e. athletes, actors, entertainers, etc.) who often turn over their financial and business interest to trusted parties without adequate oversight.
  • Businesses and organizations that are vulnerable to fraud by employees due to not having adequate oversight and internal controls.fraud prevention

More often than not controls are not adequately implemented to deter the temptation of individuals acting non-ethically.  We have experienced numerous cases where a staffer in charge of bank statements and paying invoices would write some of the money to themselves or another account they accessed. By the time misappropriations are detected, the fraud typically runs in the tens of thousands of dollars or more.  Subsequent pursuit of legal remedies cost additional costs in time and money.  The best solutions is to ensure that appropriate controls are in place before fraud occurs.  Strengthening controls is seldom accomplished by enhancing one process; rather it involves a comprehensive review of the risks faced, the existing internal controls already in place and their adequacy in preventing fraud from occurring. Generally, a review of this nature involves an in depth examination of people, process, and technology.  We regularly work with our clients to advise them on fraud prevention.

Frauds And Loss Prevention Links

‘L&O’ no! Actress loses $1M to thieving accountant

Paul Hogan Chases His Missing Offshore Millions

Jack Johnson Files for Bankruptcy

Dental office employee allegedly steals over $150,000

Gilbert Arenas’ assistant convicted of stealing more than $2.1 million