Dedicated loss adjusting for each fraud risk
Despite increasingly effective control environments, businesses and professionals are facing a resurgence of cases of fraud. This is true across all industries and for all sizes of companies. In 2019, one out of three companies faced more than five fraud attempts, versus one in four in 2018, according to an…
Despite increasingly effective control environments, businesses and professionals are facing a resurgence of cases of fraud. This is true across all industries and for all sizes of companies. In 2019, one out of three companies faced more than five fraud attempts, versus one in four in 2018, according to an annual survey of select insurers. The consequences can amount to hundreds of thousands of euros, or even millions. Faced with different levels of stakes, Stelliant Loss Adjusting is able to respond with agility and efficiency to each specific risk. They are committed to identifying the fraud mechanism and assessing losses as quickly as possible.
Fraud risk: no one is immune
VSE/SMEs or multinational corporations, professionals at all levels may face fraud risks. It is a reality that affects every industry, but especially targets commercial entities and financial institutions (banks, investment funds, trading companies, etc.).
Fraudsters are constantly competing to outwit one another to embezzle assets or money, whether from inside or outside the company. They set up fraudulent schemes that mainly fall into one of two categories of incidents:
- Commercial fraud: impersonation scams and different variations of them have been running rampant in recent years. Identity theft and executing fake international wire transfers are some of the main scams among a range of others (payment method fraud, phone fraud, inventory diversion, accounting fraud, leasing fraud, etc.).
- Financial institution fraud: market manipulation, embezzlement with a customer account, mortgage fraud, diversion of secured goods, etc.
Professionals can take a heavy hit from these multifaceted forms of fraud. And rightly so – the consequences can threaten the financial stability of their business.
Analysis of fraud mechanisms to quantify losses
Once mandated by the insurer, Stelliant Expertise assigns a team of financial loss adjusters specialised in fraud risk. They intervene to establish precisely the chronology of the facts, from the date of the first contacts by the fraudster, to the execution of the fraud, until the application of the first emergency measures and the estimation of the possibilities of recovery. Their analysis of the fraudulent mechanism makes it possible to detect the means of embezzlement and concealment, to determine the perpetrators, the accomplices and the profits made by the presumed fraudsters.
Our financial loss adjusters then identify the measures put in place by the insured to limit the impact of the fraud and prevent its recurrence, in particular by identifying the possibilities of recovery and possible recourse to recover part of the stolen funds or goods.
Educational outreach and engagement to reduce fraud risk
As a leader in the development of solutions to financial risks, our teams are made up of loss adjusters from the world of banking and finance. Thanks to their higher education and their significant experience in financial audit, management control or internal control, these loss adjusters are always aware of the new methods used by fraudsters.
Published by the Stelliant Group and written by our financial loss adjusters, a white paper lists best practices and other emergency measures to be applied within commercial companies and financial institutions in case of fraud.
To download our free white paper: Click here
In order to further support professionals, the Stelliant Group offers additional consulting and prevention services through INQUEST. Through tailor-made programmes for companies and risk managers, these consultants offer an awareness of risks and fraud mechanisms. A service that can be provided upstream, but also downstream, after a disaster to prevent it from happening again.
financial risk specialists
handled each year