Monday, October 25, 2010

Five Different Forms of Fraud

• Cash Fraud – Skimming: Cash is removed from organization before transaction is recorded in the accounting systems.

• Cheque Fraud – Stopped cheque: Bearer pays for goods by cheque, which is accepted in good faith or has been authorized/cleared by the bank and once the goods are in their possession, the bearer stop the cheque before the transfer can take place.

• Procurement Fraud – False invoices: False invoicing, nondelivery of purchased goods.

• Computer Fraud - Computer programmes and data are changed without authorisation to the benefit of the perpetrator or detriment of the company.

• Payroll Fraud - “Ghost” workers: Fictitious employees on the payroll

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