Insider trading refers to the illegal practice of trading securities or stocks based on non-public, material information about the company or its securities. This privileged information is typically held by corporate insiders, such as executives, directors, or employees, who have access to confidential company data that could impact the stock…
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HR fraud, also known as human resources fraud or employee fraud, refers to deceptive or illicit activities committed by individuals within an organization’s human resources department or related to employment practices. This type of financial crime encompasses various fraudulent actions, including but not limited to falsification of credentials, misrepresentation of…
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Procurement fraud refers to the manipulation, deception, or misrepresentation in the procurement process, where individuals or entities seek to obtain goods, services, or contracts through illicit means for personal gain or to benefit a particular party. This type of financial crime encompasses various fraudulent activities, including bid rigging, collusion, bribery,…
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Asset misappropriation refers to the illegal or unauthorized use, theft, or diversion of an organization’s resources or assets by employees or third parties for personal gain. This type of financial crime involves various fraudulent activities, including but not limited to embezzlement, theft of inventory or cash, payroll fraud, and misuse…
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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 a hotline (whistle-blowing system) for anonymous tips; (4)…
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Financial Crime Risk Management (FCRM) in private and public organizations has undergone big changes due to paradigm shifts in business dynamics, emerging threats, regulatory climate and technological advancements. However, in the last few months, the world has been experiencing something unprecedented that has made all other changes somewhat secondary: The…
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We know there’s been a flood of information and updates about the government’s economic impact payments, or so-called stimulus checks, lately. But quickly and safely moving massive amounts of money into the hands of those who need it is a big job with a lot of moving parts. We also…
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Fraud Perpetrators are taking advantage of fears surrounding the Coronavirus. Those scammers are setting up websites to sell bogus products, and using fake emails, texts, and social media posts as a ruse to take your money and get your personal information. The emails and posts may be promoting awareness and…
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Fraud Perpetrators are adapting existing technology to play on people’s fears around corona-virus. Some examples of COVID-19 scams include: Treatment scams: Fraud Perpetrators are offering to sell fake cures, vaccines, and advice on unproven treatments for COVID-19 Supply scams: Fraud Perpetrators are creating fake shops, websites, social media accounts, and email addresses…
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