Fraud Risk

Fraud Risk


Mitigate a potential fraud and safeguard your Business


One of the most effective ways to deal with the problem of fraud is to adopt methods that will decrease motive, restrict opportunity and limit the ability for potential fraudsters to rationalise their actions. Prevention techniques include the introduction of policies, procedures and controls, and activities such as training and fraud awareness to stop fraud from occurring.

Any type of fraud can result from varied relationships between victims and offenders; for instance;

  •   employee fraud against employers - such as usage of falsified documents, including résumés, expense claims etc
  •   fraud by a business against its investors, employees or customers - such as financial statement fraud, or selling of counterfeit goods etc
  •   fraud against financial institutions - such as usage of fraudulent insurance claims, dud cheques etc
  •   electronic fraud or e-crime where people use technology to commit crimes, such as hacking, spamming etc.

At Crowe, our team combines in depth knowledge of the business and market with detailed knowledge and experience of fraud to diagnose potential fraud risk.

Our diagnostic process mostly involves the following;

  •   Firstly, we perform the risk analysis of the organisation in order to understand where the risk potential exists
  •   We then initiate fraud prevention activities, to help ensure the stability and continued success of the business. This is approached systematically, both at the organisational level and at the operational level, through introduction of controls and procedures
  •   The team then develops and implements an anti-fraud strategy across the entire structure of the business, including reporting mechanisms that provide for communication of suspected fraudulent acts

Based on recent surveys, many organisations do not have a formal approach to fraud prevention. This is extremely perilous because once a fraud has already occurred, the likelihood of recovering stolen funds or assets is often relatively low or the process could be very difficult or lengthy.


Our fraud detection and prevention strategy aims at designing an effective strategy to manage the risk of fraud. A sound ethical culture and an effective system of internal control are essential elements of an anti-fraud strategy.


Crowe’s Fraud Risk services and solutions include:


Know Your Employee Services #kye 


Know Your Employee Services is the process of verifying the qualifications, suitability and experience of a potential candidate for employment. The techniques we use includes however does not limit only to as mentioned below.

  •   Verification of employment history including checking the authenticity of the organization
  •   Verification of educational &/or professional qualifications along with verifying the accreditation of the University/Institute 
  •   Checking the credit history of the applicant
  •   Global database checks

Screening applicants reduces the likelihood of people with a history of dishonest or fraudulent behaviour being given a role within the company, and is therefore an important fraud prevention procedure.


Wrong hires are expensive. It is estimated that resume fraud costs employers approximately $600 billion annually.

Entrust your business in the right people.



Crowe’s proprietary online secured platform automates the process of conducting background checks, reduces the human intervention to the extent that the reports are generated on the platform and dispatched to the client. Clients also do have real time update by accessing the platform. 


          •  Due Diligence



Do you ‘Know Your Customer’ well enough?


Are you doing or planning to do business with an organisation that is not quite well known to you or your company?


As it is said, your customers are the lifeblood of your organisation, however, not knowing them well enough may expose and subject your business to potential risks such as the hazards of losing reputation, operational and legal risks.


Hence the principle of ‘Know Your Customer’ goes well beyond knowing the customer’s type of business to understanding the business relations that the customer has with other entities and networks, in order to mitigate the risk of the likelihood of getting caught in a web of potential criminal activities.


This briefing note sets out the principles to be implemented when new customers are acquired, and the importance of continuous monitoring of the operations of existing customers.


The objective is to emphasise that just ‘Knowing Your Customer’ is not enough, rather, a comprehensive due diligence carried out by experts is crucial for your business. The cost and time for conducting such due diligence procedures is not even a fraction of the financial and/or reputational loss that a business may face.


Importance of conducting due diligence

  •   To assess the credit history of the business
  •   Determine the likelihood of absconding odds of the business
  •   Identify any red flags – no surprises
  •   Knowing the business owners, current status of the business and understanding the future plans - independent review
  •   Analysis of financials, stocks and credit worthiness of the business – window dressing
  •   Relationships with other customers, suppliers and other stakeholders – reputational check
  •   Complying with the regulations and legal requirements
  •   Ongoing monitoring


          •  Third-party


Managing Your Organization’s “Network” of Relationships


In the race to stay competitive, organizations are partnering with more third parties than ever. While the rewards may be compelling, identifying, quantifying, and mitigating the risk can be an overwhelming task. Crowe’s suite of third-party risk management services can assist your organization in optimizing its program, analyzing its portfolio of relationships, and assessing individual third parties to help minimize potential harm and maximize return.


Crowe provides solutions, technology, and ideas to make the most of your third-party risk management activities. Whether it’s supporting discrete assignments, augmenting staff, or performing a holistic assessment of your program, our experienced team of professionals can assist you in understanding and managing third-party risks. If the third parties you work with span the globe, our team can provide you with qualified resources overseas for third-party risk management activities.


Crowe brings unmatched expertise and experience to each fraud-prevention engagement and works fast to address and preserve your company’s financial and professional integrity.

Contact Us

Nadeem Maniar
Director, Risk Consulting