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Exploiting assets and information

The pandemic saw a rise in asset misappropriation frauds where the cheats either stole internal assets or stationary of a company or offered supply information for personal gains. 

During the lockdown, the perpetrators robbed employers, government grants, charities and even eBay users. In addition, some organised groups hijacked taxpayers' identities to extract illegitimate funds.  

How Does It Happen?

The common forms of asset misappropriation are – skimming (where the employee does not report the sale and pockets the money), inventory theft, cash theft, check forgery and bogus disbursements.  

Small businesses should conduct random audits and employee checks to avoid losses caused by such actions. The firm can rotate duties in the accounts and inventory department and ensure the guidelines and procedures are followed properly. They should conduct uninformed checks to determine the stock level balance. 

  • Do not furnish powers to authorise all payments to one employee. You should provide limited access to the employees at each stage. 

  • Always check the details of the transactions carefully to find discrepancies.

  • It is important that you protect your firm's assets and do not trust the workers completely. 

  • It would be best to integrate additional vigilance and spending on security services to eliminate risk factors. 

  • In case of suspected fraud, report it to the administration.

Date Published: Sep 12, 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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