If you suspect that contract and procurement fraud is taking place within your organization, you need an experienced fraud investigator to help you manage the situation. Wellfleet Strategies is built on the reputation of our professionals who bring decades of experience to the table. Our investigators lead the way when it comes to identifying and rooting out contract and procurement fraud.
Harnessing the Power of Technology
As an investigative tool, technology can be incredibly powerful. To detect contract and procurement fraud, we engage multiple platforms:
- Artificial intelligence not only identifies patterns that suggest fraud but adapts to changing behaviors to stay ahead of the curve.
- Text mining digs deep into text sources to highlight patterns that warrant further investigation.
- Link analysis identifies commonalities between otherwise unrelated parties that can suggest collusion.
These platforms can help you identify potential fraud that would have otherwise gone undetected. Knowing how and knowing when to use technology is a critical component of the investigative process.
Technology Backed by Human Expertise
Almost anyone can find and use the right technology. What sets us apart, however, is that we draw upon a deep network of some of the leading fraud investigators in the country – lawyers, accountants, former regulators, and other industry leaders who bring decades of experience to the table. Technology can spot the red flags, but you need human intelligence and experience to identify the fraud and the parties who are behind it.
Guarding Against Fraud
We do more than just identify fraud that is already occurring – we can help your organization prevent fraud from occurring in the first place. We work closely with your executive team to develop the practices and policies you need to guard against contract and procurement fraud:
- Creation of a master list of vendors who have been properly vetted
- Due diligence requirements for evaluating vendors
- Internal checks and balances to decentralize responsibility
- Establishment of appropriate oversight
- Regular audits to spot questionable transactions
It’s never too late to protect yourself against fraud. The team at Wellfleet Strategies can help you build a fraud-resistant organization.