There is one problem with this approach. As a CEO, this allows you to use the “I knew nothing!” defense and claim ignorance about all the “deplorable” fraud taking place lower down the organisational food chain. But it may fall foul of another legal principle that has been tai...
Learn the types of financial fraud every business should be aware of and the 8 strategies accounting teams should implement to fight financial fraud in 2024.
With financial independence comes financial responsibility. Responsibility with money is a skill developed over time, and it’s important to build smart habits early. A good place to start is by creating a budget and tracking your spending habits. ...
Making smart decisions will lead you to financial independence over time. Encountering, however, an offer that is too good to be true is probably a scam. An understanding of fraud signs will keep your money growing safely. The following are common signs of fraud: A High Return with Low or ...
If your business chooses to forego fighting chargebacks, the cardholders get away with friendly fraud—making it easier for cardholders to repeat this harmful practice, and essentially causing you, the business, to be out the funds. Worse yet, it falsely leads the bank to believe the cardholde...
Fraud is now a "national security threat" according to Britain's main banking body, with £754m stolen from customers in the first half of 2021. That's an increase of 30% compared to the same period in 2020. The situation isn't much better in other parts of the world either. In ...
The fraud landscape has changed a lot over the past few years. AI is both friend and foe, and consumers themselves have to reckon with threats from fraudsters. Romance scams prey on emotions, and cryptocurrency scams will claim to have easy solutions to your financial problems. But fear doesn...
If you’re worried about deflation, take the time to discuss your investment portfolio with a financial advisor and make adjustments according to the different risk levels. For instance, Graff recommends being cautious about real estate investments. “Don’t buy a house assuming the price will go...
If you learn that your debit card information has been compromised, contact your bank immediately to limit the damage the thief can do and limit your financial responsibility for the fraud. Contact it immediately by phone, and follow up with a detailed letter stating the full name of the bank...
Bernie Madoff has become synonymous with the Ponzi scheme, in which the payment of returns to current investors comes from money deposited by new investors; meanwhile, the advisor siphons off some of the money. The affinity fraud targets a group, often in combination with a Ponzi scheme, s...