In today’s complex business environment, financial fraud remains a persistent threat. Understanding the common schemes, knowing the appropriate response, and being aware of liability issues can help businesses protect themselves. Here’s a comprehensive guide to help you navigate these challenges. [Read more…]
Five Steps to Preventing Expense Fraud
08/16/2024 Posted By
Expense fraud, a type of occupational fraud where employees manipulate expense claims for personal gain, poses significant risks to businesses of all sizes. Preventing this type of fraud is crucial for maintaining the financial health and integrity of an organization. Here are five essential steps to prevent expense fraud: [Read more…]
How to Avoid Becoming a Victim of Personal Financial Fraud
08/12/2024 Posted By
In today’s digital age, personal financial fraud has become an increasingly prevalent threat. Scammers are constantly devising new ways to steal your hard-earned money, and it’s essential to stay informed and vigilant. This blog post aims to educate you on how to avoid becoming a victim of personal financial fraud, the most common financial fraud schemes, the steps to take if you fall victim, and the circumstances under which a victim may be liable for the fraud. [Read more…]
Unraveling the Mysteries: The Role and Relevance of Forensic Accountants Today
08/07/2024 Posted By
In an age where financial complexities and fraud have become increasingly sophisticated, the role of forensic accountants has never been more critical. These financial detectives combine accounting expertise with investigative skills to uncover financial discrepancies, fraud, and embezzlement. But what exactly does a forensic accountant do, and where is their expertise most needed? Let’s explore these questions and understand the importance of forensic accounting in today’s world. [Read more…]
Why Accounting Internal Controls Are Important
07/31/2024 Posted By
In the same way that preventive maintenance is essential for keeping a car running smoothly, accounting internal controls are crucial for ensuring a business operates efficiently and securely. Just as neglecting regular oil changes, tire rotations, and brake checks can lead to costly repairs and potential breakdowns, ignoring or inadequately implementing internal controls can expose a business to significant risks, including fraud, financial misstatements, and operational inefficiencies. [Read more…]
Trustee Fraud: A Closer Look at Breach of Fiduciary Duty
06/18/2024 Posted By
Trustee fraud, a type of financial misconduct, involves a trustee who breaches their fiduciary duties to the beneficiaries of a trust. Trustees are legally obligated to act in the best interest of the beneficiaries, managing the trust’s assets with care, loyalty, and impartiality. When trustees exploit their position for personal gain, it constitutes fraud, often leading to severe financial losses for the beneficiaries and legal repercussions for the trustee. [Read more…]
5 most scandalous fraud cases of 2021
03/18/2021 Posted By
Each year always brings a fresh array of fraud-related scandals, and 2021 was no different. The massive theft of COVID-relief funds continued to play out, but other notable schemes hit the headlines. Here we list the most scandalous of the lot. [Read more…]
Impostor Fraud Is On the Rise
01/26/2019 Posted By
Impostor Fraud is Increasing in the United States . According to an FBI report from October 2013- May 2018 there were 41,158 U.S. Businesses that loss an estimated $2.9 billion to this type of fraud. [Read more…]
The Rise and Fall of an Embezzlement Scheme (video)
01/25/2019 Posted By
After the reinsurance company Nathan Mueller worked for was purchased by ING for $6 billion, he played a key role in transitioning its operations onto ING’s enterprise resource planning system. He began embezzling money to pay off personal debt and fund a passion for gambling. What started as a $1,100 check to a credit card, spiraled into an $8.5 million fraud over the next four years. It was only a co-worker’s suspicions that brought the fraud to an end. After being caught, he pleaded guilty and was sentenced to 97 months in federal prison. He was released in September of 2014. In this video, Nathan describes the details of his embezzlement scheme. [Read more…]
What Does Fraud Mean To You? (video)
11/26/2018 Posted By
You may not think about it every day, but fraud affects your life more than you may realize. Learn how to protect yourself in the latest video from the ACFE. [Read more…]