In today’s business world, most upper-level management personnel and business owners believe that their organization is safe from fraud. Most are under the impression that their employees, co-workers, and possibly co-owners have only the best intentions for the organization. It would be ideal if that were true, however, that’s often far from the truth.
In our continuing series examining frauds that target corporation, we will examine a scam known as duplicate payment fraud. Duplicate payments may not always be attributed to fraud. In many cases, the duplicate payment may be caused by poor administration of a company’s master vendor file. Or a duplicate payment could be initiated through a billing error by the company who is owed the money. These errors are often detected and usually reconciled through communication between the vendor and the customer.
I have presented to many business people and organizations and the most common question I receive is, “Why would we be a target of online attacks”? There are many reasons; corporate espionage, your competitors, fraud, theft of customer and vendor information and the most common reason – ransomeware (the theft of your data for monetary gain).
As a 28 year veteran of the Vancouver Police Department, and 12 years spent in the Technological Crimes Unit, Mark recovered approximately $600 million in compromised financial data. He has provided crucial intelligence in relation to a number of high profile data breaches across North America, which resulted in the successful arrests of a number of global suspects.
Have you ever been the victim of employee fraud or theft? If so, you are not alone. A significant percentage of business revenue is lost yearly to employee theft. This loss is more significant in smaller organizations and should be addressed as soon as possible to mitigate losses. A working environment that discourages fraud and theft is key, and can easily be achieved by following the 8 tips below:
There are a lot of private investigation services that business owners and businesses can make use of for protection and for the prevention of fraud and crime. Though the typical notion is that private investigators are only called in to investigate unsavoury activities, the fact is that this is an outdated concept of what private investigation services can do for businesses and business owners. Below are some of the other ways hiring a private investigator can help business owners promote a thriving business.
Remember Sherron Watkins? You might not. It?s been almost two decades since Watkins was the vice-president of corporate development at the disgraced Enron energy company, but today is most often referred to as its whistleblower. A certified public accountant with a master?s degree in professional accounting from the University of Texas, Watkins joined Enron after working for the poster child of accounting fraud, auditing firm Arthur Andersen, for eight years.
Financial statement fraud is the deliberate misrepresentation of the financial condition of an enterprise. Its intent is to deceive financial statements users (e.g., shareholders, creditors, regulators). It has many forms and guises, but is perpetrated through intentional misstatements or omissions of amounts in financial statements. It occurs in large publicly traded companies. It occurs in small family-owned firms.