Fraud cover, an unfailing assessment
Financial institutions and commercial companies of all sizes are prime targets for malicious employees or fraudsters acting from outside. When faced with such fraud, companies and their insurers need to be able to rely on trusted, competent and responsive experts. Our specialists, all former auditors, are specialists in accounting and…
Financial institutions and commercial companies of all sizes are prime targets for malicious employees or fraudsters acting from outside. When faced with such fraud, companies and their insurers need to be able to rely on trusted, competent and responsive experts. Our specialists, all former auditors, are specialists in accounting and have a perfect command of the problems linked to internal control. These skills enable them to analyse the most complex fraud mechanisms and to evaluate the losses suffered by their victims.
Increasing risks of fraud
There is no limit to fraudsters’ imaginations, and the types of scams number in the tens of thousands, all working in diverse and varied ways.
Commercial enterprises, in particular, are victims of fraud by international wire transfer, suppliers, leasing, payment method or misappropriation of inventory.
Financial institutions are also targeted by many different scams: Ponzi schemes, kiting, mortgage or financing fraud, embezzlement involving a customer account, price manipulation, misappropriation of pledged goods, etc. Myriad potential risks to which our loss adjusters are able to respond under fraud insurance.
Aware of the complex context in which frauds occur, both from the point of view of the emergency measures to be put in place and the need to preserve evidence, our loss adjusters organize themselves reactively, as soon as they receive an assignment, to offer full support and explain good practices in order to avoid any recurrence of this type of loss.
Technical support and advice
Once assigned, ours specialists intervene to analyse in depth the mechanism of the fraud and provide answers to various questions: What is the chronology of the facts? Which diversion or concealment methods were used? Who are the perpetrators and possible accomplices? What is the profit made by the alleged fraudsters? Well before the evaluation of the direct financial losses caused by the malicious act, the additional costs incurred to limit the impact of the fraud on the activity can also be covered under the dedicated guarantee.
In addition to the criminal proceedings that may be initiated against the perpetrators and accomplices, liability actions may also be initiated when a third party is identified as having facilitated the fraud, whether its responsibility is considered total or partial.
Once the fraudulent mechanism has been established and substantiated, our financial loss adjuster proceeds with a precise calculation of the loss suffered by the insured on his own funds or on the funds entrusted to him, in direct link with the fraud.
Stelliant Loss Adjusting: a model in managing fraud risks
Accountants, risk managers, external auditors, consultants… our financial risk loss adjuster have solid professional experience in the banking, financial and legal sectors.
Their intervention follows a rigorous methodology to accurately assess the fraud mechanism, the possible liabilities and the quantum of loss suffered by the affected company. If necessary and at the request of our insurance client or its corporate clients, they can call upon the specific skills of INQUEST’s financial risk consultants, our firm specialising in risk prevention and management.
In fraud prevention, INQUEST’s consultants offer tailor-made training to help companies raise awareness of the risk of fraud among their employees, as well as auditing services to help companies better control their risk and reduce their exposure: mapping, best practices, feedback, recommendations for improving processes, etc.
In case of suspected fraud, INQUEST mobilises a team to carry out a financial audit of the structure: in-depth accounting analysis, evidence file, corrective measures…
In France and abroad, our fraud specialist teams intervene to circumscribe this practice for companies and professionals, to evaluate losses and to reinforce internal control in order to protect against all future risks.
A know-how available in our white paper: “Fraud: from diagnosis to risk management. ” (2020 Edition)
financial risk specialists
handled each year