The Banker's Suit

Something Isn’t Adding Up? What To Do When You Are Sensing Financial Fraud

Posted by E.M. Lally on Mar 30, 2017 10:33:07 AM


Your company’s Financials aren’t quite adding up, and you’ve got a hunch that it’s due to fraud, your hunch is probably correct. Over 75% of businesses experienced fraud in 2016. Here are the five steps you should take when you suspect fraud.

First, put together a team to help you investigate the fraud. Include an accountant, attorney, and IT specialist on the team. 

Second, lock down your business’ accounts. Alert your bank that there might be financial fraud with your accounts, change your passwords, and get PDF bank statements.

Third, save all electronically stored information. Back up the suspected fraudster’s work emails and files.

Fourth, make copies of all financial and expense reports submitted by or on behalf of the suspected fraudster. 

Finally, ensure that all payments to taxing authorities and financial services providers have been made in the proper amounts.

If something isn’t adding up and you suspect fraud, don’t ignore your hunch.  Talk to an attorney today to help you begin a fraud investigation.


Topics: Banking Lawyer on Your Side