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
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
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
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)
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
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
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
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
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
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