Health Care and Fraud Investigations Fraud is defined as a false representation or the concealment of a material fact with the intent and result that it be acted upon by another to his loss or detriment. It is making a false statement of a past or existing fact with knowledge of its falsity or with reckless indifference as to its truth with the intent to cause another to rely upon it, resulting in his injury. Fraud is a very serious crime committed in companies around the world. People and companies can become unwelcome victims of this form of crime; it can cost a company thousands in damages and can leave them with a very bad reputation with customers, which can have long term negative effects in the long run. There is nothing in your business that can be eliminated from the bag of fraud. Be it Business documents, financial documents, prescriptions, securities, mortgage, tax, any document is at risk.
Why is fraud detection important? For the businesses of present times, the need for fraud detection is primary. Preventing fraud is far less expensive and far more useful. It reduces the amount of money lost to fraud, and also the need for fraud investigations and the money which need to support the investigations. The benefits of fraud detection include the following •
Reduced exposure to fraudulent activities
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Reduced costs associated with fraud
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Have organizational controls
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Improves the outcome of the organization
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Gains the trust and confidence of the customer in the business
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To know the susceptible employees at risk to fraud