the ultimate financial fraud examination & prevention checklist

VERITI CONSULTING LLC

The Ultimate Financial Fraud Examination & Prevention Checklist

TRUTHBEHINDNUMBERS.COMCertified Financial Experts

What Is Financial Fraud And Can It Be Prevented?

Financial fraud is known as a deceptive

white collar crime that can be devastating

yet manageable for individuals with the

correct knowledge and accurate

preventative methods. Being well aware of

the possibilities in financial fraud could

greatly benefit your finances down the road

along with knowing when to call a certified

fraud examiner if the situation calls for it.


Types of Financial Fraud

Bribery, which is simply used to deceive the victim into believing false accusations that might lead them to a financial flourish.

Embezzlement, also called larceny, which is the illegal use of funds by a person who controls those funds.

Identity Theft, the fraudulent acquisition and use of a person’s private identifying information, usually for financial gain.

Tax Evasion, the illegal nonpayment or underpayment of tax.



Elder Fraud is an act targeting older adults in which attempts are made to deceive with promises of goods, services, or financial benefits that do not exist, were never intended to be provided, or were misrepresented.

Money Laundering, which is the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses.



Mortgage Fraud is a crime in which the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth.

Securities Fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of securities laws.


Who Are Easy Targets?

Here are some of the high-targeted victims that criminals prefer when planning their financial attack:

• Senior Adults, especially those who depend on family and friends for their care or those who have physical or mental impairments.

• Individuals who are physically impaired.• Victims of domestic violence.• Near-retirees.• Previous victims of financial fraud.


Who Commits Fraud?The offender is commonly between the age of 31-45, and somewhat more likely to be male than female.

• Strangers• Members of various groups, for example, civic groups,

community groups, political parties or professional organizations

• Family members• Trusted advisers, for example, accountants, attorneys,

investment professionals or bankers


Identity Fraud Prevention Checklist

• Monitor your bank accounts frequently via the internet.• Risk of receiving phony statements

• Check your monthly statements and verify all withdrawals.• Report any suspicious activity immediately

• Shred all personal financial documents before throwing away.• Avoid giving out your social security number whenever possible.

• Only provide last 4 digits whenever possible• Use intricate passwords for all websites.• Keep all personal information protected in a locked

storage/password protected file.


Investment Fraud Prevention Checklist• Reduce exposure to sales pitches.• Use care with free lunch or dinner seminars.• Avoid high-risk investments.• Develop a “refusal script.”• Ask and check the registration status of the salesperson

and the investment itself.


Mortgage and Lending Fraud Prevention Checklist

• Stop if terms of a loan sound too good to be true.• Resist high-pressure tactics.• Get referrals to loan and mortgage professionals when

obtaining a loan/mortgage.• Protect yourself

• Never make false statements on loan application• Overstating income

• Never sign a blank document containing blank lines.• Read all documents before signing.• If you don’t understand what you’re signing, hire an

attorney the review the documents.


Mass Marketing and Other Fraud Prevention Tips

• Shred suspicious mail.• Don’t do business with anyone who solicits your money in

advance of awarding a prize.• Check the credentials of sellers with unbiased, third party sources.• Get all offers in writing.• Don’t deposit checks sent by companies that claim the check is for

fees or taxes on lottery winnings.• Don’t participate in foreign lotteries

• It is against the law!• Don’t ever respond to junk mail.


What Happens if You’re a Victim of Financial Fraud?

The road to recovery can be very complex but stress-free if you follow these simple steps to help maintain your funds after suffering from any type of financial fraud:

• Place a fraud alert with the Credit Bureaus• Create a pertinent theft file• Maintain all relevant documentation• Know your rights


What Happens if You’re a Victim of Financial Fraud?• Report the theft to the Federal Trade Commission

• Federal Trade Commission Complaint Assistant (877) 438-4338 or visit http://ftccomplaintassistant.gov

• Report the theft to law enforcement• Consider placing an extended fraud alert and/or credit freeze• Dispute fraudulent activity• Consider civil remedies• Follow up


What Happens if You’re a Victim of Financial Fraud?

If you do have the unfortunate experience where you suspect financial fraud or have questions about suspicious activity you should

act quickly and reach out to a trusted financial fraud examination professional to align yourself with to get the proper support.


THANK YOUTHANKS FOR REVIEWING THIS

PRESENTATION

PRESENTATION BY: VERITI CONSULTING LLC8111 E. THOMAS RD. #120 SCOTTSDALE, ARIZONA 85251

TEL: (877) 520-1280 • EMAIL: [email protected] WWW.TRUTHBEHINDNUMBERS.COM

EXPERT TEAM


Liz Monty, CPA/ABV, CFF, CFE, CVA, DABFA

Managing Director

John White, MBA, CPA/ABV, CFF, CFE, CBA, CrFA, ASA

Managing Director

CONTACT VERITI CONSULTING LLC

CONNECT WITH EXPERIENCED FRAUD, FORENSIC & ECONOMIC DAMAGES EXPERTS

CALL: 877-520-1280EMAIL: [email protected]

PRESENTATION BY: VERITI CONSULTING LLC 8111 E. THOMAS RD. #120 SCOTTSDALE, ARIZONA 85251

TEL: (877) 520-1280 • EMAIL: [email protected] WWW.TRUTHBEHINDNUMBERS.COM

the ultimate financial fraud examination & prevention checklist

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