Preventing Corruption Fraud

Fraud Awareness Tip of the Week Corruption fraud schemes account for 33% of all workplace fraud and the average fraud loss due to organizations is $200,000.  Industries such as construction, manufacturing, financial and professional services are more susceptible to this type of fraud and far exceed these statistics. Most corruption fraud schemes occur outside the… Read More »

Fraud Tip of the Month

Billing Fraud Schemes Fraud of any nature can quickly drain company profitability.  Billing schemes account for 28.7% of all fraud and is one of the more common types of schemes we see in organizations. In smaller organizations, billing schemes are easy to pull off due to the lack of separation of duties or management oversight.… Read More »

How Corporate Culture Can Prevent Fraud

Did you realize that companies that create a positive culture and ethical management style could prevent fraudulent activity? Fraud prevention is greatly reduced when upper management establishes a proper ethical code of conduct valuing integrity, encouraging open and honest communication. Surveys conducted to measure employee satisfaction show that those employees happy with company culture are less… Read More »

Why the Healthcare Industry Can not Afford Vendor Fraud

Between 1990 until a few years ago in 2011, the Justice Department reclaimed nearly $3 billion from prosecuting fraudulent activity in healthcare. Millions more was never recovered. Don’t think your practice could be a victim? Even with internal measures in place vendor fraud can still happen. Vendor fraud can take on many forms. Fictitious vendor… Read More »

Kickback Schemes are Devastating to a Non-Profit

Non-profits must follow strict measures to stay in compliance with non-profit status. Fraudulent schemes can hurt those efforts to maintain an ethical, well-respected non-profit. A kickback occurs when an organization overpays for goods and services, and a vendor gives part or all of that overpayment to the perpetrator. Unfortunately, it is often not difficult for… Read More »

How to Stop a “Non-Accomplice Vendor Scheme”

How easy is it to steal from your company? Savvy and dishonest employees may easily exploit internal weaknesses by running a “non-accomplice vendor scheme.” The vendor is not a part of the scheme, but the unscrupulous employee will mastermind a vendor scheme either as a pay-and-return scheme or by intentionally overbilling the vendor. In the… Read More »

How Much are You Paying the Ghost Employee on Your Payroll?

Ghost employees can siphon mandatory resources from otherwise productive businesses. Unfortunately, trusted employees using sophisticated payroll systems are the culprits of the most costly frauds. The ghost employee is an individual on the company payroll who does not work for the company. This “ghost” may be real (and may even work for another company) or… Read More »