Asset misappropriation schemes make up more than half of all occupational fraud schemes, according to the Association of Certified Fraud Examiners. It’s a broad category that includes everything from skimming cash to stealing inventory to paying “ghost” employees. One hotspot for asset misappropriation is the accounts receivables department, where dishonest staffers could potentially divert customer
Fraud Archives - Crawford Ellenbogen
Aug 22, 2023
Jul 6, 2023
Good acquisition? Not if your seller’s hiding something
- By Victor Dozzi
- Fraud
- 0 Comments
If you’re considering buying a company, fraud may be the last thing on your mind. Unfortunately, you can’t afford to ignore the possibility that your acquisition target is hiding something — possibly something that will have negative financial and legal implications after the deal is complete. To ensure the transaction is what it appears to
Jun 29, 2023
Before you scan a QR code, make sure it’s legitimate
- By Victor Dozzi
- Fraud
- 0 Comments
Technology has made seemingly everything fast, convenient and easily accessible. This is certainly true of quick response (QR) codes, those ubiquitous symbols you can find on everything from restaurant menus to product packages to advertisements. When you scan QR codes with a smartphone, you can access prices, instructions, product information and even payment apps. But
Jun 20, 2023
Financial statement fraud: Don’t believe everything you read
- By Joan Ellenbogen
- Fraud
- 0 Comments
Financial statements are central to understanding any business. A public company’s balance sheet, income statement and cash flow statement enable investors, lenders, the media and other stakeholders to value the company, forecast short- and long-term performance, and determine potential credit risk, among other purposes. To ensure analysis of a company is accurate and insightful, financial
Oct 11, 2022
Don’t let tax ID thieves steal your refund — or your peace of mind
- By Joan Ellenbogen
- Fraud
- 0 Comments
Any form of identity theft can be costly, unsettling, and take months — sometimes years — to fully recover from and repair. But tax-related identity theft can be particularly disturbing because it involves the IRS, about which many people already harbor suspicion and anxiety. Although the IRS has taken significant steps in recent years to
Jul 26, 2022
5 ways to stop employees from colluding in fraud
- By Victor Dozzi
- Fraud
- 0 Comments
What happens if two or more individuals in your organization collude to commit fraud? According to the Association of Certified Fraud Examiners’ (ACFE’s) 2022 Report to the Nations, fraud losses rise precipitously. The median loss for a scheme involving just one perpetrator is $57,000, but when two or more perpetrators are involved, the median loss
Jul 7, 2022
Partially empty offices can be fertile ground for theft
- By Joan Ellenbogen
- Fraud
- 0 Comments
Half-empty offices due to the pandemic may provide an advantage to “creepers.” These thieves typically gain access to a company’s physical facilities via unlocked doors and social engineering tactics. Once in, they steal proprietary information, inventory, computers and personal property. You can prevent theft by installing security cameras, keeping doors locked at all times, issuing
Mar 9, 2022
Don’t lose your business’s IT assets
- By Victor Dozzi
- Fraud
- 0 Comments
Keeping track of every IT asset — particularly as remote work has become common — is essential if your company wants to limit financial losses and fraud risk. According to some estimates, most remote employees use at least two employer-assigned devices, and a smaller percentage use three or more. In general, the more devices in
Feb 10, 2022
To prove fraud, you need to preserve evidence
- By Victor Dozzi
- Fraud
- 0 Comments
Prevention is the heart of any fraud mitigation program. But sometimes internal controls fail and unethical employees steal. If you suspect fraud, act quickly to preserve evidence. It’s usually best to hand an investigation over to experts such as your attorney and a forensic accountant. But before they arrive on the scene, secure paper documents
Dec 1, 2021
Typosquatters are leading innocent victims astray
- By Joan Ellenbogen
- Fraud
- 0 Comments
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 the