Types of Fraud:-There are many types of corporate fraud, including the following common frauds: 1. Possible loyalty issues between the investigator and the employees and lack of support.4 although some of the disadvantages are not damaging to the company generally, the existence of such factors when conducting an in-house investigation might be problematic.One of the best ways to develop policies and procedures that are effective in prevention corporate fraud is with the assistance of an experienced anti-fraud professional who has investigated hundreds of frauds to develop the most relevant and most effective anti-fraud controls including:1. 6. Any detail relating to the above clauses  as  provided to body corporate for providing service; and8. Small-business owners and managers should review every payroll check personally. An unfiltered view of the fraud and the extent of it.Keeping the investigation in-house will also prevent possible problems with the Fair Credit Reporting Act (FCRA). Also called expense fraud, this type of fraud includes: Forging receipts; Double claiming for expenses; Submitting false reimbursement claims; Inflated expense claims . Secure physical assets, access to data, and money at all levels including monitoring and using pre-numbered checks, keep checks locked up, have a “voided check” procedure and never sign blank checks. Each passing day comes up with some news about breaches on corporate networks at global and Indian levels. Internal theft is often the culprit behind inventory shrinkage. 3. Payroll fraud. Review all disbursements regularly.4. Expense Reimbursement Fraud. Misuse of accounts. This allows for reviews, better ensuring nothing is amiss and providing a deterrent for fraudulent activities.10. Whenever a person signs another person's name to a document in an attempt to secure personal or financial gain, he or she has committed a type of fraud known as forgery. Pyramid or Ponzi Schemes Fraud.

Theft of cash, physical assets or confidential information. If the company initially decides that it will conduct an internal investigation instead of an external investigation, the roles of the individuals involved in the investigation should be clearly delineated. Small businesses with less than 100 employees experience a median loss of $154,000 due to fraud, according to the Association of Certified Fraud Examiners (ACFE). Expense Account Fraud. Not only can it have a significant financial impact, but, depending on the type and severity, it can also destroy an organization. Physical, physiological and mental health condition;7.

Download the free cheat sheet: Asset misappropriation is a broad term that describes a vast number of employee fraud schemes.Simply, it’s the theft of company assets by an employee, also known as insider fraud.An employee forges a signature on a check made out to himself/herself or to someone else.An employee writes checks on an account that doesn’t have sufficient funds with the expectation that the funds will be in the account before the check clears.This type of fraud scheme is less common nowadays, with faster check clearing times.An employee alters the payee, amount or other details on a check or creates an unauthorized check.An employee steals product from a company, either by physically taking it or diverting it in some other way.Most common in retail environments where cash exchanges are common, this type of fraud covers simply:An employee misuses company services or company-funded services, for example, an employee at an auto shop gets the mechanics to do his oil changes for free.Also called expense fraud, this type of fraud includes:An employee uses a company expense account for personal expenses and submits them as business-related.This can also include expense reimbursement fraud, above.This type of fraud includes schemes such as over-ordering product then returning some and pocketing the refund, purchase order fraud where the employee sets up a phantom vendor account into which are paid fraudulent invoices, or initiating the purchase of goods for personal useThis can include vendor fraud schemes as well as creating false customer accounts to generate false payments.In these types of fraud, an employee exaggerates injuries or a disability, invents injuries that did not occur or attributes injuries that occurred outside of the work environment to work to receive compensation pay.Employees also commit workers’ compensation fraud when they lie about their health or work status while receiving compensation.An employee conspires or colludes with health care providers to defraud an insurance company by submitting false or inflated receipts.An employee claims a reimbursement for medical or health services not received.An employee inflates sales numbers to receive higher commissions, falsifies sales that did not occur or colludes with customers to record and collect commissions on falsified sales.This is similar to theft of services, but involves the employee using a company vehicle (and often the company-issued credit card for fuel) for unauthorized personal activities.Vendor fraud can be committed by employees acting alone or in collusion with vendors.

The person who has custody of the checks should never have check signing authority. Financial information such as Bank account or credit card or debit card or other payment instrument details;3. While “fraud is global,” so are the varieties of enterprise risk management, fraud prevention, detection, mitigation and investigation techniques needed to combat the varieties of frauds being committed against a vertical’s products and services. Independent checks on performance, using audits, surprise check-ups, inventory counts, or other procedures to verify compliance with policies and procedures, as well as accuracy.7. Corporate India as a whole has a vested interest in preventing and minimizing corporate frauds and scams. Less objectivity than an external investigation;4. The person opening the mail should not record the receivables and reconcile the accounts.5. Establish clear and easy to understand standards from the top down. Further, the law has gone ahead and defined what constitutes sensitive personal data or information.