Very few organizations actively audit for Fraud. Rather, their auditors are content to conduct financial, operational and compliance audits and to investigate Fraud only when symptoms are so egregious that fraud is suspected.
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The five (5) ways to eliminate Fraud opportunities are: (1) having good internal controls; (2) discouraging collusion between employees and customers or vendors and clearly informing vendors and other outside contacts of your company’s policies against fraud; (3) monitoring employees and providing
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Creating a culture of honesty, openness, and assistance includes three (3) factors: (1) hiring honest people and providing fraud awareness training; (2) creating a positive work environment, which means having a well-defined code of conduct, having an open-door policing, not operating on
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The Serious Fraud Investigation Office (SFIO), headed by Bas A.S. van Leeuwen (LL.M., Esq.), attorney at law and forensic auditor, is the specialist investigating and litigating unit tackling the top level of serious or complex fraud, bribery and corruption.
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Most organizations do not have a comprehensive approach to preventing and deterring Fraud. In fact, most companies don’t think about fraud until they experience one. When fraud occurs, they go into crisis mode, investigate and try to resolve the fraud, and then
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People typically become involved in already existing fraud schemes as a result of power that is exercised on them by another individual. The five (5) separate types of power include: reward, coercive, expert, legitimate and referent. It is through either one or
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People commit fraud because of a combination of perceived pressure, rationalization and opportunity. The majority of frauds starts small as the result of an immediate financial need. Once individuals gain confidence in their fraudulent scheme, the fraud continues to get larger and
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Fraud perpetrators usually cannot be distinguished from other people on the basis of demographic or psychological characteristics. People that commit fraud are usually good people who consider themselves to be honest – they just get caught up in a bad situation as
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There is no universal definition of fraud in law and definitions and scope what constitutes fraud vary from one jurisdiction to another. There are three main categories of fraud that affect organizations: Asset misappropriation, which involves the theft or misuse of an organisation’s
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A substantial increase in your telephone bill is an indication your company could be the victim of Private Automatic Branch Exchange (PABX) fraud. Detailed billing will assist in identifying any potential unauthorised calls, usually International calls but they can also be National
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