Tag - fraud

5 Types of fraud that e-commerce should be aware of

With a population of 265 million, Indonesia is an attractive market potential for the e-commerce industry. However, like other industries, e-commerce does not escape the risk of fraud. Although e-commerce applies advanced technology, the perpetrators always strive to seek opportunities by committing fraud to get a profit. The following are five...

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How to distinguish between fraud and error

Irregularity found in financial statements leads to two possibilities; fraud or error. What’s the difference between the two? The difference between fraud and error lies in the intention. Simply put, fraud is an act that is intentionally carried out to benefit certain individuals or groups and causes detrimental effects to others,...

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fraud schemes

Banking fraud alert: Unveiling the latest schemes

Fraud within the banking industry has grown into an increasingly pressing issue, marked by a noticeable surge in both the frequency and financial impact. The Global Banking Fraud Survey reveals that more than half of respondents reported a significant upswing in both the scale and occurrence of fraudulent cases Another study...

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executive fraud

Executive fraud causes the biggest loss for companies

Often, fraud is committed by employees, managers, and third parties. However, company owners or executives can also commit fraud. Even though it only ranks third among fraud perpetrators at 20% of fraud cases, the Report to the Nations 2020 shows that executive fraud or fraud committed by executives has caused...

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billing scheme

How billing schemes can wreak havoc on your company

Report to The Nation 2020 notes that the category of asset misappropriation ranks first as the most frequent occupational fraud, with a percentage of 86%. In this category, there are several methods used by fraudsters. The most frequently used methods are billing schemes which count as 20% of these cases,...

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credit check

What credit check tells about your candidates

A credit check is an objective and thorough examination of the historical credit report of the candidate/employee as part of the screening process. In Indonesia, credit history is only and legally issued by the Financial Services Authority of the Republic of Indonesia (OJK). In addition to criminal checks, drug tests, and...

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3 Ways to prevent conflict of interest from damaging your profits

Conflict of interest is intrinsic to human life and is often the root cause when it comes to fraud cases that involve corruption and bribery. According to Transparency International, a conflict of interest is a complex and sometimes ungraspable concept. Merriam-Webster defines the terminology as a conflict between the private...

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Safeguarding against signature forgery: Strategies to mitigate fraudulent activities and protect organizations

Fraudulent activities involving forged signatures pose a significant threat to both individuals and organizations. This deceitful practice carries serious legal and financial implications, often leading to substantial losses for victims. Signature forgery can target various types of documents, including contracts, bank checks, financial statements, and invoices. The financial losses resulting from...

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