CONSUMER FRAUD
Consumer fraud embodies a variety of misleading practices related to advertising, marketing, or purchase & sales of goods and services. It is an illicit activity that involves deceit and is perpetrated against an unsuspecting individual or group resulting in a financial loss. Consumer fraud is an international concern with millions of consumer complaints received by […]
INSURANCE FRAUD
A person or company arranges a guarantee of compensation when there are specific losses, illness, damage and even death by paying a specified premium. This is called Insurance. Insurance can also be referred to as a contract which is represented by a policy. Here, a company, an individual or entity receives protection financially or in […]
FRAUD RESPONSE PLAN
If fraud is suspected, it should be reported to either Your line manager Internal audit Director of finance Procurement or monitoring officer An external agency A fraud response plan should be in place to help ensure that an organization responds to suspicious fraud-related activity efficiently and effectively, whether fraudulent activities have occurred. This plan acts […]
OVERVIEW OF WHAT DUE DILIGENCE AND BACKGROUND CHECKING PROCESS IS
What is Due Diligence Background Checks – This simply means checking things or conducting comprehensive investigations on companies and individuals. This could be in various areas such as when: Buying a property – here you check titles of the property and verify information in the contract Buying a business – it is important to do […]
TWO-FACTOR AUTHENTICATION
Authentication factors are multiple authentication methods that can be used to verify a person’s identity. The bulk of Two-factor Authentication (2FA) methods focus on the first three authentication elements, and most authentication methods rely on knowledge, possession, inherence, or location. Two-factor authentication or 2FA, is a type of multi-factor authentication that uses two separate credentials […]
NIGERIA ARRESTS TWO SUSPECTS LINKED TO MASSIVE MASK FRAUD
LAGOS, Nigeria – Authorities in Nigeria have arrested two suspects who are believed to be behind a huge fraud scheme which nearly saw German health authorities pay EUR 2.4 million for masks they never received. In March 2020, as a number of countries were going into lockdown due to COVID-19, health authorities were desperate to […]
BUHARI NAMES ABDULRASHEED BAWA AS THE NEW EFCC CHAIRMAN
He has therefore requested the Senate to confirm Bawa’s nomination. The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a statement on Tuesday titled “President Buhari requests Senate to confirm Abdulrasheed Bawa as EFCC boss.” The statement read, “President Muhammadu Buhari has asked the Senate to confirm Mr Abdulrasheed […]
NIGERIA ARRESTS TWO SUSPECTS LINKED TO MASSIVE MASK FRAUD
LAGOS, Nigeria – Authorities in Nigeria have arrested two suspects who are believed to be behind a huge fraud scheme which nearly saw German health authorities pay EUR 2.4 million for masks they never received. In March 2020, as a number of countries were going into lockdown due to COVID-19, health authorities were desperate to […]
BUHARI NAMES ABDULRASHEED BAWA AS THE NEW EFCC CHAIRMAN
He has therefore requested the Senate to confirm Bawa’s nomination. The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a statement on Tuesday titled “President Buhari requests Senate to confirm Abdulrasheed Bawa as EFCC boss.” The statement read, “President Muhammadu Buhari has asked the Senate to confirm Mr Abdulrasheed […]
INTERNET FRAUD: FINANCIAL EXPERT WARNS YOUTHS AGAINST GET-RICH-QUICK SYNDROME
Renowned accountant and financial expert, Vera Augustine, yesterday urged Nigerian youths to engage themselves in meaningful ventures to earn a living, rather than involve themselves in fraud and dubious activities. In a statement in Abakaliki, Vela noted that this syndrome has made the youths lazy, warning that if this ugly trend is not tackled urgently, […]