TraceTech's Fraud Checkup Service
TraceTech Solutions provides a unique alternative to protect small businesses against fraud loss.
For an affordable fee, TraceTech Solutions' Fraud Checkup Service periodically searches a business' financial records for the "traces" left behind by many common, small-business fraud schemes. Take a look at the Technology page to understand how TraceTech's unique software can help small businesses to monitor for and detect fraud.
TraceTech's clients can provide the data in several formats. Ledgers, for example, can be provided as electronic exports (reports) from just about any accounting application. Bank statements and credit card statements can be provided as readable paper copy or as pdf scans.
Each test looks for the clues left behind by one or more fraud schemes. TraceTech provides its clients with the results of each test in either electronic (Excel) or hardcopy form. Each test result includes a description of the test, the schemes the test was designed to uncover and recommended follow-up actions.
All of the testing is done offsite, in TraceTech's offices. TraceTech doesn't interfere with the organization's personnel or procedures.
TraceTech carefully guards all client data. TraceTech returns all hardcopy (paper) data to its clients. And TraceTech's electronic data storage server is protected using nearly-uncrackable 256-bit encryption technology.
Fraud Monitoring Benefits
Recent fraud surveys conclude that:
- small businesses (< 100 employees) lose about 7% of their revenue to fraud every year
- the typical fraud perpetrator is female, in her forties, and is a long-time employee of the business
- fraudsters are usually trusted employees with some accounting responsibilities
- the typical fraudster is a "first-timer"
- the average fraud scheme goes undetected for over two years
TraceTech's Fraud Checkup service can do more than uncover fraud. Those same surveys have repeatedly shown that a business' risk of being victimized declines when management takes proactive steps to guard against fraud loss.
Fraud Monitoring Costs
TraceTech's prices are affordable by just about any small business.
TraceTech understands that every small business is different. We will gladly work with both the business' owner and the business' accountant to tailor a low-cost fraud monitoring solution that meets each individual business' needs.
Monitoring Frequency
TraceTech recommends different monitoring frequencies for different types of businesses.
Cash businesses are high fraud risks. TraceTech recommends at least an annual analysis of their financial records.
Non-cash businesses have less exposure. TraceTech recommends an analysis of their records every three years. In addition, TraceTech recommends that an analysis be made within fifteen months of the hire of an employee with significant financial responsibilities.
TraceTech's Blog
If you own a small business, the risk of fraud is probably far greater than you think. Fraudsters use more schemes than you can possibly imagine. Our blog is a forum that discusses specific, actual schemes and recommends simple, practical actions that you can take to either reduce your risk or detect a scheme before it can do very much damage. Just click on the Blog link at the top of this page.
Fraud Analysis for Accountants
TraceTech's data analytic services can also be used by accountants for:
If you are an accountant, click here to learn more.
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Fraud Monitoring and Detection Services
