Fraud

$45 Million Employee Fraud – How To Prevent It Happening To You.

Thumbnail image for $45 Million Employee Fraud – How To Prevent It Happening To You. by Arnold Shields 29 June 2011

A long standing financial accountant pleaded guilty to defrauding her employer, ING of $45 million. The fraud lasted over 5 years and she purchased luxury properties and jewellery with the proceeds. Fraud committed by employees on their employers has been increasingly in the news. Scarcely a week goes by without news of some spectacular fraud at high levels in the [...]

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Collaborative Law – Nigerian Letter Scam

by Arnold Shields 6 April 2010

There is a new version of the Nigerian Letter Scam targeting law firms with the promise of work in collecting unpaid amounts in Family Law Collaborative settlements.

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Payroll Fraud

by Arnold Shields 6 November 2009

The payroll is the largest expense area for many organisations, and one which should be controlled carefully. Nevertheless, payroll fraud accounts for 17% of all fraudulent disbursements suffered by organisations. There are three main types of payroll fraud – Ghost Employees, Overcompensation, and Bonus and Commission Schemes.

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Employee Fraud: High Risk but Low Priority?

by Arnold Shields 15 September 2009

One of the key tasks for managers of organisations is to reduce the risk of events which will affect the ability of their organisation to achieve its goals. These include risks in the areas of occupational health and safety, finances, market and competitors, supply, compliance and regulatory, currency, professional, disaster and fraud. Managers are usually proactive in reducing all of these risks – except fraud. Why is this?

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Internet Banking Fraud – Clive Peeters Case

by Arnold Shields 12 August 2009

One of the most common forms of employee fraud that we have been seeing for quite some time involves access to internet banking. Businesses often have two signatories for company cheques but allow full single user access to their internet banking. The result is an accident waiting to happen.

An internet banking fraud of $20 million was reported today in the Sydney Morning Herald involved the payroll manager of listed white goods retailer, Clive Peters.

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