My friend John Doe was introduced to a forex platform...
Field-tested writing on CFE prep, fraud schemes, money laundering, identity fraud, and the risk management practices that actually work.
My friend John Doe was introduced to a forex platform...
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My friend John Doe was introduced to a forex platform that pays a monthly interest rate of 15% plus. He had the option of investing his money for six months or a year. According to the investment contract, he might withdraw his funds before the end of the investment period, but only 70% of the amount invested would be returned to him. He was eager to join this investing platform,...
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Are you preparing for the Certified Fraud Examiner (CFE) exam? Congratulations, you’re on the path to joining a globally respected network of anti-fraud professionals. But as exam day draws closer, preparation becomes more than just flipping through study materials. It’s about focus, strategy, and mindset.
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Synthetic identity fraud, often referred to as synthetic identity theft, involves combining fake credentials with a suggested identity that isn’t connected to a real person. In order to build a new identity, thieves may use actual and fraudulent information, such as names, social security numbers (SSNs), and fraudulent personally identifying information (PII), to construct fake […]
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As we gear up for the upcoming national elections, it is important to understand the fraudulent practices around Elections and how we as anti-fraud experts can help mitigate them for a better democracy. WHAT IS ELECTION FRAUD Election fraud also known as electoral fraud, election manipulation, voter fraud, or vote rigging, is the illegal meddling […]
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Money laundering is no new term, especially in the world of fraud. Yearly, agencies are consistently updating their methods of prevention when it comes to money laundering schemes. Money is moved by criminal organizations and terrorist financiers to hide its source and integrate it into the formal economy through three main methods. The first includes […]
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A little bit of vigilance goes a long way when it comes to protecting your identity online. Adding an extra layer of security can be as simple as keeping an eye on your accounts, looking out for suspicious activity and shredding sensitive documents. Some data breaches are out of our control, like when retailers or […]
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How to Protect Seniors Online Senior citizens are especially vulnerable to online scams and hoaxes. Scammers take advantage of seniors because many seniors have a lifetime’s worth of savings, home equity and other valuable assets. Studies have shown that older Americans are less likely to report fraud because they may not know how to report a […]
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Cybersecurity is simply a general term for technologies, practices and processes used to protect online data from unauthorized access or misuse. Everyday, people play a part in cybersecurity when they follow internet safety tips and cybersecurity best practices. In this piece, we’ll discuss what we mean when we say cybersecurity, and why it’s important. We’ll also share […]
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My friend John Doe was introduced to a forex platform that pays a monthly interest rate of 15% plus. He had the option of investing his money for six months or a year. According to the investment contract, he might withdraw his funds before the end of the investment period, but only 70% of the amount invested would be returned to him. He was eager to join this investing platform,...
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It is important we understand the factors behind the occurrence of fraud from the how, why, what, where, and who in order to combat fraud. The circumstance that leads embezzlers to the act of committing fraud was of keen interest to Donald R. Cressey, a known criminologist who developed the Fraud Triangle. The Fraud Triangle […]
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The process of recognizing, assessing, controlling, and responding to threats to an organization’s capital and earnings that occur during a business’s life cycle is known as risk management. According to ISO 31000, risk management process is a “systematic application of management policies, procedures and practices to the tasks of communication, consultation, establishing the context, identifying, analyzing, […]
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My friend John Doe was introduced to a forex platform that pays a monthly interest rate of 15% plus. He had the option of investing his money for six months or a year. According to the investment contract, he might withdraw his funds before the end of the investment period, but only 70% of the […]
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Nigeria will be joining five other countries in the world today to launch their own central bank digital currency called eNaira today, such as the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia, and Grenada. A Central Bank Digital Currency is the digital form of a country’s fiat currency (A fiat currency is […]
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The growth of whistleblowing began with the global financial crisis of 2007/2008, which reawakened the globe to the need for corporate corruption to be addressed. Whistleblowing is a word used when a person, generally an employee, discloses knowledge or activity within a private, public, or government institution that is unlawful, illicit, or fraudulent. Making a […]
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Internal controls are the systems, regulations, and procedures put in place by a firm or organization to assure the accuracy of financial and accounting data, encourage accountability, and prevent fraud. These controls can assist enhance operational efficiency by enhancing financial reporting accuracy and timeliness. The Committee of Sponsoring Organization of the Treadway Commission (COSO) model […]
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Phishing is a sort of social engineering-based cyberattack. By impersonating a legitimate entity or institution, fraudsters contact their targets by sending fraudulent messages via email, text message, or phone call, tricking them into disclosing sensitive information such as passwords, credit card details, personally identifiable information, bank details, payment orders, and so on. The victims are […]
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It is common knowledge that fraud can occur using any means possible. A more common occurrence around us today is with the One-Time Password or Pin also known as OTP. The (OTP) is a password that is only valid for one login session or transaction on a computer system or other digital device. Traditional (static) […]
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Is charging a gadget at a public charging station safe? It is not safe, to say the least. Juice jacking is one of the many diverse techniques that fraudsters have devised to commit fraud. You charge your device at a public charging station, such as an airport, train station, or hotel lobbies, while a fraudster […]
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Virtual currencies vary from traditional currencies like the Nigerian naira in that they are only available in electronic form. This translates to when you buy a virtual currency, you do not receive the paper format or coin that you can hold in your hands. Instead, you receive these in electronic units with a figure attached […]
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Business Email Compromise (BEC) is also known as email account compromise, man-in the-email attack. Not only is this type of fraud one of the most financially damaging online crimes, but it is also costlier than other fraud attacks combined. It is becoming more targeted, there are fewer victims, but the losses are greater. In BEC […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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, […]
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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, […]
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