What is fraud?

 Fraud is any intentional act or omission designed to deceive others resulting in the victim suffering a loss and the deceiver achieving a gain.

Fraud 101: Techniques and Strategies for Understanding Fraud  is a great resource that can help you understand how fraudster steal from you through trickery and deception. The perpetrator could be your employee or someone in senior management and it could even be your partner.

In the business world fraud means taking financial advantage of another party through trickery or deception. Corporate fraud takes a variety of forms. Fraud threats can be external and carried out by members of the public  It can be internal and carried out by company employees and it could be Internet fraud carried out by employees or outsiders or both. The final fraud could be management fraud and carried out by senior company managers.

It is important that every business, big or small, to establish  fraud risk management systems. Fraud exists in all organizations because it is human nature to deceive given the slightest opportunity to do so, especially where money is involved.


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