Tag: fighting 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...

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....

Why startups and smaller organizations need internal control

Because smaller organizations are often hit hardest by fraud, it's critical that they develop adequate anti-fraud controls at their organizations. A recent blog from AICPA highlighted four critical reasons why start-ups and smaller organizations need adequate and effective system of internal control....

5 fraud tips every business leader should act on

Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, according to the Association of Certified Fraud Examiners (ACFE) 2016 Report to the Nations on Occupational Fraud and Abuse. A single instance of fraud can be devastating:...

The many ways scammers can get their hands on your money

Scams come in all shapes and sizes, but many share similar characteristics. And if you know what they are, you can save yourself from being swindled. Some of the more common characteristics of investment fraud include: The investments are promoted...

Protecting yourself from tax return fraud

According to a report by the Government Accountability Office, the U.S. Internal Revenue Service (IRS) estimates that it mistakenly paid $5.2 billion in tax returns to identity thieves in 2013—and the IRS did not catch the scheme until well after...

Five fraud tips every business leader should act on

A single instance of fraud can be devastating. According to a report conducted by the Association of Certified Fraud Examiners (ACFE), the median loss per fraud case was $145,000 and more than a fifth of the cases involved losses of...

ShindelRock joins movement to shine a spotlight on fraud

Fraud costs organizations worldwide an estimated 5 percent of their annual revenues, according to a study conducted by the Association of Certified Fraud Examiners (ACFE). If applied to the 2013 estimated Gross World Product, this translates to a potential projected...