Brumell-Group-Case-Study-May-2015

Case Study: Helping Retail Stores Fight Fraud

When Jeff Schneider started as the Senior Manager of Liability in 2011 at a large Southeast grocery store chain, the company was suffering from an excessive amount of fraud, along with the financial costs associated with that fraud. Fraud is a crime that has a cost born by everyone, including both the company and its customers. He knew that the stores were losing money, and were being forced to pass some of those costs on to the consumer. It was a problem that needed to be addressed, and quickly. Schneider chose to bring the Brumell Group forward to take up the task.

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What is Catastrophe Fraud?

Catastrophe fraud occurs when there has been a natural or man-made disaster. Those that are insured need help quickly, and insurance companies respond fast to all claims to ensure the safety and wellness of the people they cover. Catastrophe fraud comes in several forms, but essentially it means that people are taking advantage of insurance companies when a natural or man-made disaster occurs.

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The Purpose and Process of Pre-Employment Screenings: New White Paper Available

Do you know how much a bad hire could cost you or your company? It can be tempting for businesses to skip the background investigations in certain situations, but it is never recommended. With nearly half of resumes including some kind of discrepancy, pre-employment screenings are vital for any business that values security, capital and morale.

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The Fraud Triangle Theory

Fraud is a crime that is more costly than most people realize. According to the FBI, non-healthcare related fraud alone is estimated to cost the U.S. over $40 billion a year! Yet fraud and other unethical behavior does not happen randomly. Certain factors must be present to allow most individuals to commit these crimes.

American criminologist Donald Cressey developed a theory – known as the Fraud Triangle – that explains the factors that lead to fraud and other unethical behavior. When businesses and organizations understand the Fraud Triangle, they can more effectively combat criminal behavior that negatively impacts their operations.

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Red Flags of Fraud

By definition, fraud is “a false representation of a matter of fact – whether by words or by conduct, by false or misleading allegations, or by concealment of what should have been disclosed – that deceives and is intended to deceive another so that the individual will act upon it to her or his alleged injury for benefit.” With insurance fraud costing companies billions of dollars each year, it’s necessary to have professional investigators reviewing each case for potential fraud. Claimants that abuse the system will need to be prosecuted with solid evidence collected by an investigative team.

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