Tag: fraud
Understanding and minimizing the chance of employee fraud
Do you ever wonder if any of your employees are capable of committing fraud? Trusted persons can become trust violators if three factors are present, often referred to as the “Fraud Triangle”: A secret need for cash. Whether it’s excessive...
IRS may legitimately ask for taxpayer ID verification with Letter 5071C
In 2015, we first reported a new method the IRS was using to verify the identity of taxpayers as part of its effort to combat the growing problem of identity theft. That technique, a mailed letter known as Letter 5071C,...
Take five minutes to secure your tax return from identity theft
The IRS has provided a new way taxpayers can help prevent a tax return being filed under their name and SSN. The recently expanded Identity Protection PIN Opt-In Program provides a six-digit code known only to the taxpayer and to the IRS....
SCAM Alert: Coronavirus fraudsters add to the anxiety and misery
From the Association of Certified Fraud Examiners: Disaster fraud has become so common that many U.S. federal agencies were quick to create websites to address coronavirus-related scams, complete with tips and sharable graphics for users to link to on social media. Some...
10 ways small businesses can avoid fraud
As most of us know, small and mid-sized businesses are more vulnerable to fraud than larger organizations, and the effects can be much more damaging. To keep your business one step ahead, follow these ten tips to avoid business and...
Report finds fraud hits small businesses harder
According to the recently released 2018 Report to the Nations on Occupational Fraud and Abuse, occupational fraud continues to drain a significant amount of money from businesses worldwide, with smaller organizations being hit particularly hard. The Journal of Accountancy recently...
Monitoring fraud risks in the supply chain
Nearly one-third of about 2,600 supply chain professionals said their companies experienced supply chain fraud, waste or abuse the previous year, but only 40% had a program in place to detect or prevent these issues. Companies can probe one of...
Fraud controls may be lacking at smaller organizations
Organizations with fewer than 100 employees significantly trail their larger counterparts in the implementation of formal antifraud controls, according to a worldwide survey by the Association of Certified Fraud Examiners (ACFE). The industries most commonly victimized by fraud are banking...
Are your business assets vulnerable to theft?
The United States Trustee ("UST") encourages every chapter 11 small business owner to think about whether assets essential to the business are protected against theft or fraud. The potential for employee dishonestly, the most common type of business theft, increases...
Cast a critical eye as a first step to fighting fraud
A healthy dose of professional skepticism is essential in fighting fraud, even if it goes against human nature to be skeptical of people we’ve come to trust. A Crowe Horwath report outlines steps stakeholders can take to encourage such skepticism....