ELECTION FRAUD
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 […]
TRADE-BASED MONEY LAUNDERING (TBML)
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 […]
THE FRAUD TRIANGLE
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 […]
ONE-TIME PASSWORD (OTP) FRAUD
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) […]
FRAUD IN VIRTUAL CURRENCIES
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 […]
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 […]
