In a broad sense, a financial crime is defined as any type of crime that results in financial benefit to the criminal(s) involved. Financial crimes are carried out by organizations or individuals who seek economic advancement via illegal tactics. Regulatory bodies throughout the world are constantly developing new strategies to….
While it may seem counterintuitive, small and medium sized businesses are far more exposed to the prospect of fraud than large organizations. Approximately 5 percent of annual revenue is lost to internal fraud each year, according to research from the Association of Certified Fraud Examiners (ACFE). Unfortunately, many businesses focus….
Financial crimes range from fraud to money laundering, from insider dealing and market abuse to corruption and bribery, and from electronic crime to terrorist financing. While financial crimes have always been a global threat, the last few decades have unearthed just how impactful these crimes can be on the global….
In times of crisis and economic downturn, fraud tends to run rampant. Since COVID-19 began, the combination of health and financial threats laid the foundation for opportunistic fraudsters, those people who are looking to take advantage of a vulnerable market and a vulnerable population. From the global economy to individual….
COVID-19 has presented challenges in every industry, in every country, throughout the world. As businesses and markets attempt to keep up with the inevitable and constant changes plaguing the globe, there are some clear winners and losers. Forensic accounting is one segment that is often benefitted during an economic downturn…..
While business fraud is prevalent amongst companies of all sizes, larger organizations are less susceptible to fraud compared to small and mid-sized businesses. On top of that, small and mid-sized businesses have a much tougher time recovering from fraud compared to large organizations. In fact, the ACFE (Association of Certified….
At first glance, something like payroll fraud may seem insignificant and limited in scope. When it comes to employee theft, most small business owners think about little things like stealing from the supply room to get a few extra pens and post-it pads. The reality, however, is that payroll fraud….
In today’s financial landscape, the economic effects of fraud across the world is monumental. While there have been massive developments in new tools to counter fraud, particularly in the last two decades, the presence of corruption in the corporate world is still pervasive. In fact, new reports suggest that fraud….