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Corporate fraud

Corporate fraud

Businesses in the modern world have a large scope beyond local geographical boundaries where the decision-makers can be mid-level administrators. Some businesses indulge in general fraud, like accounting fraud, where the employee and director of the firm manipulate the books and financial outcomes to conceal losses. 

Other corporate scams are associated with domain name registration, insurance, investment schemes, intellectual property, mortgage, personal management, procurement, pyramid schemes, share sales, travel, etc. 

False invoicing refers to overinflated accounts or bogus bills related to production - goods or services. It can be linked to an imaginary supply chain and a ghost supplier where an external supplier is hired. 

It can be difficult to prove criminal liability where the prosecutor must prove the person or employee was responsible for the dishonest act, was in the right mental state and had the” directing mind and will” at the time of committing the crime.   

The firm practising any such illegal method must not report it to the police before or after the internal investigation. Some write off losses to hide them, and some may try to recover losses from the employees.

However, if you suspect such fraud, report it to the government regulatory bodies to avoid losses.

Date Published: Sep 13, 2023

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.

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