The incidents of fraud in day to day business life are on the increase.
It is difficult to admit but a large proportion of business fraud is committed by trusted employees.
Companies must take a realistic approach to systems and procedures in order to limit opportunities for fraudulent activities within their individual infrastructure.
We can categorise the most common forms of business fraud and below we give you brief illustrations of what form of activity these particular activities can take:
FRAUD BY LONE EMPLOYEES
- Failure to segregate duties in the finance department.
- Excessive access for IT Management.
- Theft by stock manager.
- Vulnerable commission structure.
- Circumventing transfer authorisation procedures.
- Cashier’s theft of incoming cash.
FRAUD BY COLLUSION
- Personal expenses abuse.
- Kickbacks for contract allocation.
- Discretionary discount scheme.
- Weak stock procedures.
- Manipulation of temporary staff numbers.
- Remote office fraud.
FRAUD AND EXTERNAL ATTACK
- Forged fax transfer.
- Hacking into company systems.
As the world becomes smaller and communication increasingly sophisticated, opportunities for extracting monies from firms also grow. From an opportunistic employee to clinical, professional and well organised fraudsters your Company is going to be under threat at some level. Cyber crime continues to grow and develop in skill and complexity making it possible for criminals to defraud companies from the comfort of their own bedroom.
Ensure that if you become a target you do not end up a victim.
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