“People are never happy with what they have. They always want what they had or what someone else has”

HOME
 

ABOUT

OUR TEAM

CLIENTS

AFFILIATION

 SERVICES

TRAINING

CONTACT

FRAUD PREVENTION

For Brokerage and Mutual Fund Companies
 

With market forces continuing to place demands on the securities industry

along with the competitive pressure to expedite deposited funds availability,

the need to protect your firm and its customers has never been greater.

H.F.C services help detect, prevent and deter fraud while
complementing customer acquisition procedures and limiting the need
to place extended holds on deposits. Our Trusted Custodian model has
enabled financial services organizations to collaborate as part of an
industry-wide initiative to mitigate fraud losses while generating revenue
opportunities for contributing organizations.

Sarbanes Oxley Law

SOX 301 & What the FDIC Says

After a series of accounting scandals that eventually led to the collapse of Enron, the FDIC reacted, in part, with the creation of the Sarbanes-Oxley Act.

Sarbanes-Oxley 301 forces management to comply with mandates that help reduce the threat of financial fraud. In the context of Sarbanes-Oxley 301, the FDIC is encouraging financial institutions to consider implementing a fraud hotline to assist

The FDIC encourages financial institutions to consider implementing a fraud hotline as a confidential way to identify fraud and reduce fraud-related losses.

In its “2004 Report to the Nation,” the Association of Certified Fraud Examiners states that organizations without ways to report fraud suffered financial losses that were more than twice as high as organizations with anonymous fraud reporting mechanisms.

An important means to ensuring an effective fraud hotline is the awareness by employees, customers, contractors and other third parties of the hotline. Confidentiality must be guaranteed so those reporting the fraud do not have to fear reprisal.

With Anti-fraud Hotline, management can keep the lines of communication open with employees at all times. Employees can free to report wrongdoing because they can do so anonymously. Hear what your employees may not be able to tell you openly by giving them a safe way to communicate.
 

“You know the worst thing about art forgery? You can't take credit for your work.”