Fraud Risk Services · Bangladesh

Fraud Prevention and Detection Services in Bangladesh

We help companies in Bangladesh stop fraud before it starts and find it when it happens. We assess your fraud risks, test your books and payroll with data analytics, set up a confidential reporting line, and support investigations when something goes wrong.

Book a Fraud Risk Review
Call +880 1711-990020

Definition

What Is Fraud Prevention and Detection?

Fraud prevention and detection is the set of controls, checks and reporting channels a company uses to stop employees, vendors or customers from stealing or misreporting, and to find and investigate fraud quickly when it does happen.

Prevention removes the opportunity: clear approval limits, separated duties, screened vendors and staff. Detection finds what prevention misses: data tests on payments and payroll, surprise checks and a safe way for people to report concerns.

Most fraud is not caught by auditors or systems. According to the ACFE, the most common way it is first found is a tip from an employee, customer or vendor.

The cost of fraudOccupational fraud, 2024
Revenue lost to fraud each year~5%
Median loss per case$145,000
Typical time before detection12 months
Cases first found through a tip43%
Cases in the study1,921

Source: ACFE, Occupational Fraud 2024: A Report to the Nations. Cases from 138 countries and territories.

Know the threat

The Three Types of Occupational Fraud

The ACFE groups internal fraud into three types. Asset theft is by far the most common. Financial statement fraud is rare but usually the most costly per case.

Asset misappropriation

Staff steal cash, stock or assets, or pay false claims.

89%
Fake vendor invoicesGhost employees on payrollInflated expense claimsStock theft

Corruption

Someone abuses their position for a personal benefit.

48%
Supplier kickbacksBid riggingUndisclosed conflicts of interest

Financial statement fraud

The accounts are deliberately misstated.

5%
Fake salesHidden liabilitiesTiming tricks at year end

Share of cases by type. One case can involve more than one type, so the total is above 100%. Source: ACFE 2024.

Red flags

Five Warning Signs on One Invoice

This example invoice looks normal at first glance. Our reviewers and data tests are built to catch signs like these across thousands of transactions.

  1. Duplicate invoice numberThe same invoice was already paid. Duplicate payments are one of the simplest frauds to catch with data tests.
  2. Bank details changed recentlyA sudden change to a vendor's bank account is a classic sign of payment diversion.
  3. Amount just under the approval limitTk 99,000 against a Tk 1,00,000 limit suggests the payment was sized to avoid a second approval.
  4. Same person requested and approvedOne person controls the whole payment. Duties are not separated.
  5. Vendor address matches an employeeA shell vendor may belong to someone inside the company.

Our service

Prevent, Detect and Respond

Fraud control works in three layers. We can run all three, or fill the gap in the layer you already have.

PreventRemove the opportunity
Fraud risk assessmentSegregation of duties reviewApproval limits and authority matrixVendor and employee screeningAnti-fraud policy and staff training
DetectFind what slips through
Data analytics on payments and payrollWhistleblower reporting lineSurprise cash and stock countsContinuous vendor monitoring
RespondAct on evidence
Evidence preservationForensic investigationRoot-cause control fixesReport for management, board or legal counsel

Already screening vendors? See our third-party risk assessment and continuous vendor monitoring services.

Data analytics

We Test 100% of Your Transactions

A manual audit checks a sample. Data analytics checks every payment, payroll line and journal entry in the period you choose, using exports from your accounting and payroll systems.

Each hit is reviewed by a person before it reaches you. You get a short list of exceptions with the evidence attached, not thousands of raw alerts.

What we need from you: read-only exports of your vendor list, payments, payroll and general ledger for the period under review.

More than half of those tips came from employees. That is why a safe, trusted reporting line matters.

Source: ACFE 2024

Whistleblower reporting

A Safe Way for People to Speak Up

We can run an independent reporting line for your company, so concerns reach someone outside the chain of command.

  • ReportStaff, vendors or customers report by web form, email or phone, with the option to stay anonymous.
  • TriageEvery report is logged and assessed by our team, outside your management line.
  • InvestigateCredible reports are investigated with evidence handled carefully from the start.
  • Close and reportFindings and fixes go to the person or committee you choose, such as the board or audit committee.

FAQs

Fraud Prevention and Detection: FAQs

It is the set of controls, checks and reporting channels a company uses to stop fraud by employees, vendors or customers, and to find and investigate it quickly when it does happen.

The fraud triangle is a model from criminologist Donald Cressey. It says fraud usually needs three things: pressure on the person, an opportunity to commit it, and a way to rationalise it. Companies have the most control over opportunity, which is why good controls matter.

The ACFE’s 2024 study found asset misappropriation in 89% of cases, corruption in 48% and financial statement fraud in 5%. One case can involve more than one type.

We interview key staff, map how money moves through purchasing, payroll, sales and cash, and look for points where one person could commit and hide fraud. You get a ranked list of risks and the controls that would close them.

We run tests across all your transactions, such as duplicate payments, split purchases, ghost employees and vendor-employee matches. A reviewer checks every hit before it is reported to you.

In the ACFE’s 2024 study, 43% of frauds were first detected by a tip, more than any other method. A trusted reporting channel is one of the most effective controls a company can have.

We help you preserve evidence, investigate the facts and fix the control that failed. Legal action and employment decisions remain with you and your lawyers. Where needed, we work alongside your legal counsel.

A financial statement audit gives an opinion on whether the accounts are free of material misstatement. It is not designed to find every fraud. Fraud prevention and detection focuses on the specific risks and transactions where fraud happens. See also our third-party risk assessment.

Worried About Fraud in Your Company?

Tell us what you are concerned about. We will treat it in confidence, suggest where to start, and give you a written scope and fee before any work begins.

BPO Bangladesh · Suite 610, 5th Floor, Rupayan Shopping Square, Bashundhara R/A, Dhaka 1229 · +880 1711-990020

Book a Fraud Risk Review
Email [email protected]