Fraud

KYC rules help prevent fraud and offer other advantages

For years, banks, financial service and investment companies, and exporters have been required to follow know-your-customer (KYC) processes to thwart criminal activity. Developed to help certain businesses comply with anti-money laundering and anti-terrorism regulations, these programs aren’t mandated for most nonfinancial businesses. But you might want to consider adopting some KYC principles anyway. They can […]

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Check kiting is no game

Despite the business community’s rapid adoption of digital payment methods, some companies continue to rely on paper checks. But there’s a long-standing problem with checks: they make businesses vulnerable to several damaging types of fraud, including check kiting. Here’s how the scheme works. Riding the float In a check kiting scheme, the perpetrator takes advantage […]

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Fraud Lurks Case Study: Expense Reports – On Steroids!

This is the fourth in a series of case studies of frauds/defalcations which I personally investigated.  This month’s case study is entitled “Expense reports on steroids.”  This fraud differs from most frauds as it was perpetrated concurrently by numerous people in the sales division.  Also, it involved an area usually not considered to be high […]

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Typosquatters are leading innocent victims astray

Typosquatting takes advantage of an inclination among internet users known as “fat fingers” — a tendency to hit the wrong keys and enter misspelled trademarks or brands. Like phishing, typosquatting is a type of social engineering that tricks people into visiting websites they didn’t intend to visit. These schemes can harm both consumers and businesses […]

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How business owners can comply with new financial crime regulation: CTA

Earlier this year, the Corporate Transparency Act (CTA) became the latest law intended to foil financial crime. This law is part of the National Defense Authorization Act and requires certain entities to disclose the identities of those who own or control it. Anonymous no longer Perpetrators of criminal acts such as fraud, drug and human […]

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