The Measurable Value of Hotline Services
According to the Association of Certified Fraud Examiners:
- Tips are consistently the most common detection method for cases of occupational fraud by a significant margin.
- In organizations with a hotline, 51% of fraud is detected by tip
- versus only 33.3% in organizations without a hotline
- Companies lose 55% less in frauds detected by a tip than in those detected by external audits
Furthermore, ethics and fraud hotlines can help prevent automatic governmental fines and discredit malicious lawsuits.
Red Flag Reporting hotline services can help stop the following in its tracks:
- Management Fraud
- Internal Control Weaknesses
- Substance Abuse
- Safety Violations
- Sexual Harassment
- Resident Abuse
- Pharmaceutical Violations
- HIPAA Violations