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  • Fraud Prevention

    Overview Fraud has become common occurrence in business world. And organizations lose considerable chunk of their hard-earned revenue to fraud. Prevention and Detection are two methodologies to handle a white-collar crime like business fraud. Wisest approach towards any illegal and inappropriate activity is to prevent it from occurring in first place. Prevention is the most economical way of tackling fraud. Barriers to Fraud Prevention Fraud prevention is challenged by several barriers which can be broadly categorized into Legal, Political and Social factors. Understanding the motivation Factors like opportunity and suitable target, presence of fraud motivated persons/groups, absence of able defense mechanism are drivers of fraudulent activities. Fraud Guilt Neutralization: Justification of fraudulent act via guilt neutralization is an added motivation to commit fraud. Public attitude towards insurance fraud as victimless or harmless crime factors to increasing number of fraud cases. Sometimes, especially owing to intermediaries’ role, fraud appear as standard business practice making it a crime no worse than millions other do. Common guilt neutralization arguments: Authorship denial – blame shifting or even claiming to have been coerced Sharing responsibility – ‘no big deal for company’, ‘it’s a rife and every one’s involved’ kind…

    Words: 776 - Pages: 4
  • A Summary Of Accounting Fraud

    individual or a group with the intention of making more money for organization when caught by the authorities or by any other means comes under Accounting Scandal. There are several accounting practice, which are developed in order to avoid fraud in accounting process such as Generally Accepted Accounting Principles(GAAP), International Financial Reporting Standard(IFRS)…

    Words: 703 - Pages: 3
  • Essay On Small Business Fraud

    Small Business Fraud Fraud has become a major issue in the world in which we live today. Many would argue that fraud is quickly becoming a norm in today’s society. This abstract and false view on fraud has made its way into the business world and has created an idea that fraud is an acceptable and necessary part of living, specifically within small businesses. The unique aspect of small business fraud, is that the fraudster is possibly an employee within the company. To simply state that small…

    Words: 1228 - Pages: 5
  • Raptor Fraud Case Study

    • Handled customer’s credit card purchase disputes by ensuring all the required documentation was completed and charged back the disputed amount to the merchant in compliance with Visa and MasterCard rules and regulations. • Placed outbound calls, responded to inbound calls, and analyzed credit card transactions in order to identify potential fraudulent activity using the Raptor Fraud Detection System. • Reviewed electronic cases produced by the Raptor Fraud Detection System, analyzed…

    Words: 1154 - Pages: 5
  • Purchase Order Fraud In Nigeria

    charged, it will include Purchase Order Fraud, which is a federal crime (FBI, 2014). The consequences for that in The United States can be incarceration, fines, probation, or a combination of all three (Fichtelberg, 2008). This crime can be charged by the International Criminal Court. There is no jury at the International Criminal Court. A panel, made up of three judges, will decide if the defendant is guilty and what the punishment will be. They also have the ability to sentence them to…

    Words: 1654 - Pages: 7
  • Why Is Payroll Fraud Important

    Detecting and Preventing Payroll Fraud Payroll fraud is something that is very dangerous for companies and it is important that business leaders are working to detect and prevent it from occurring. The most common form of payroll fraud is when an employee gains access to funds that they are not entitled to. For salary employees, this could mean adding an additional, fake employee to the payroll and collecting their wages. Hourly employees may commit payroll fraud by altering the hours that they…

    Words: 293 - Pages: 2
  • Examples Of Financial Statement Fraud

    Financial Statement Fraud Company financial statements provides information that is utilized by investors to evaluate the conduct of managers and to compose economic arrangements (Chinniah, 2015, p. 1). The consumers of the financial statement may consider the financial information received as dependable and appropriate for its function (p. 1). Chinniah indicates accounting standards and regulations have been put in place to try to certify the financial information provided is consistent with…

    Words: 1706 - Pages: 7
  • Scams And Fraud Policy Analysis

    Scams and Fraud Policy 1. Overview With a large number of employees at Edu Corp, scams and other fraudulent activity could affect the day-to-day operations of the company. With the ongoing concern of scams and fraud, Edu Corp has established an extensive, detailed policy in order to protect our customers and employees from various scams and fraudulent activity. In 2013, millions of people were victims of scams and fraudulent activity (“CBS Cybercrine,” 2015). With a large employee base at Edu…

    Words: 1577 - Pages: 7
  • What Is Bernard Madoff's Fraud

    chairman of NASDAQ stock exchange. He started his investment advisory firm on his own. He has be guilty for the defrauding of the investors of amount $50 billion which he was running the biggest Ponzi scheme for around two decades. In 2008 December when there were economic disturbances and meltdown in the United States Madoff couldn't carry his functions and satisfy his Investors requests of cash. He decided to come clean and accept the fraud he has committed. The Wall Street has collapsed due…

    Words: 1356 - Pages: 6
  • Phar-Mor Fraud Case Study

    In order for the fraud to be successful, it was imperative that the fraud be concealed from the auditors. Being that the bulk of key personnel concerned with the fraud were former auditors for Coopers, this was not hard to attain. These employees knew the audit planning strategies that would be implemented. Coopers historically did not perform audit testing of zero balance accounts, this would mean the “bucket-account” used to hide personal expenses would not be reviewed by the auditors. Coopers…

    Words: 482 - Pages: 2
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