Everyone is a potential fraudster. Here is why
FRAUD MANAGEMENT

Everyone is a potential fraudster. Here is why

For the last ten years, since Institute of Forensics and ICT Security (www.forensicsinstitute.org) started fraud awareness initiative, I have visited several organisations and met with so many CEOs and top managers in the region. Most of the leaders don’t want to acknowledge the extent of the fraud problem within their organisations. Yet the statistics are…

Charity fraud
FRAUD MANAGEMENT

Charity fraud

Charity fraud, a type of fraud that occurs when charitable organizations that solicit funds from the public for philanthropic goals, such as seeking cures for diseases or helping orphans, solicit donations in a deceptive manner or use the monies that they collect for purposes not intended by the donors. Charities are subject to the kinds…

Money Transfer Fraud Scams
FRAUD MANAGEMENT

Money Transfer Fraud Scams

Kenneth’s friend made decent money working as a mystery shopper. When Kenneth was contacted for a similar position and he got the job, he was excited. His first assignment entitled the following: deposit a check from his employer and use a portion of the funds to send money using a money transfer service; then, evaluate…

How to manage the risk of procurement fraud
FRAUD MANAGEMENT

How to manage the risk of procurement fraud

Ensure the risk of procurement fraud is acknowledged on your company risk register, and there is a risk owner who has overall responsibility in the organization. Ensure all staff who are able to make or are involved in financial decisions are trained how to identify procurement fraud. Don’t dismiss minor red flags indicating possible fraud…

Beware of ATM skimming
FRAUD MANAGEMENT

Beware of ATM skimming

This type of fraud occurs when an ATM is compromised by a skimming device, a card reader which can be disguised to look like a part of the machine. The card reader saves the users’ card number and pin code, which is then replicated into a counterfeit copy for theft. Criminals place a device on…

Types of Fraud in Business
FRAUD MANAGEMENT

Types of Fraud in Business

Small businesses with less than 100 employees experience a median loss of $154,000 due to fraud, according to the Association of Certified Fraud Examiners (ACFE). This number is higher for small businesses than most large companies. Employees and customers are just a few people who might take advantage of your small business. Recognize types of fraud…

Beware of Charity Fraud
FRAUD MANAGEMENT

Beware of Charity Fraud

Charity fraud is the act of using deception to get money from people who believe they are making donations to charities. Often a person or a group of people will make material representations that they are a charity or part of a charity and ask prospective donors for contributions to the non-existent charity. Charity fraud…

Insider threat and how to guard against it
FRAUD MANAGEMENT

Insider threat and how to guard against it

Cyber crime has become a fact of life for businesses of all sizes. As the battle with external forces has intensified, companies have spent a lot of money beefing up their security provisions. One of the biggest threats organizations face is not external,it’s the threat from within. Technological proliferation has gathered pace over the course…

Are you a victim of asset misappropriation fraud?
FRAUD MANAGEMENT

Are you a victim of asset misappropriation fraud?

Asset misappropriation fraud occurs when people who are entrusted to manage the assets of an organization steal from it. Employees in an organization may choose to use their position to steal from it through fraudulent activity. This is also known as insider fraud. This type of fraud can be committed by company directors, employees, or…

Tasks and Responsibilities of a Fraud Investigator
FRAUD MANAGEMENT

Tasks and Responsibilities of a Fraud Investigator

Document all investigations Prepare written reports of investigation results Prepare evidence for presentation in court Testify in court about investigation findings Interview suspects and witnesses and record their statements Coordinate investigative efforts with attorneys and law enforcement officers Provide suggestions to agencies and businesses about ways to improve fraud detection Collect financial documents related to…