Theft, the most obvious form of credit card fraud, can happen in a variety of ways, from low tech dumpster diving to high tech hacking. A thief might go through the trash to find discarded billing statements and then use your account information to buy things. A retail or bank website might get hacked, and your card number could be stolen and shared.
Fraud Prevention As a Tufts University employee, you are responsible for ensuring departmental funds, property and equipment are safeguarded from loss.
One important underlying concept which must be accepted is the reality that a fraud is possible in your organization. If you do not believe fraud is possible, you will not identify it even if it is clearly evident.
Very often fraud symptoms are viewed as administrative errors because individuals cannot conceive of the existence of fraud particularly in organizations where there is a longtime affiliation with co-workers. Fraud is a deliberate act or failure to act with the intention of obtaining an unauthorized benefit, either for oneself or for the institution, by using deception or false suggestions or suppression of truth or other unethical means, which are believed and relied upon by others.
Fraud takes many forms. What makes fraudulent activity more likely to occur? The risk of employee fraud occurring in an organization is contingent upon a combination of factors: Motive — usually caused by personal financial pressures Opportunity — caused by poor internal controls Rationalization — the mindset of the fraudster that justifies the fraud By removing one or more of the factors, management reduces the likelihood of fraudulent activity occurring.
Who is responsible for fraud prevention? While AMAS is responsible for independently evaluating the adequacy of the existing system of internal control through analysis and testing, university management is responsible for maintaining an adequate system of internal control designed to prevent or detect improper operating activities.
How can I decrease the risk of a fraud occurring in my organization?
There are two approaches to help reduce fraud risk: The preferred approach is to prevent illegal and inappropriate acts from occurring in the first place. The following procedures should be adopted to help reduce the risk of fraudulent activity occurring within your organization: Establish a positive internal control environment.
A genuine interest and concern related to implementing sound internal controls should be conveyed to all personnel. The major tenets of an internal control system include: Identify university assets for which you have responsibility. Identify the risks associated with safeguarding these assets.
Keep in mind that any new or existing internal controls should be reasonable in relation to the risk involved and costs to implement and administer them.
What role do internal auditors play in detecting and investigating suspected fraud?Internet fraud is the use of Internet services or software with Internet access to defraud victims or to otherwise take advantage of them. Although the comparatively new science of computer forensics is keeping pace with innovation in the field of fraud, it is not possible to prevent the determined individual from committing a crime.
The crime may be detected eventually, but in many cases, especially where businesses are concerned, prevention is better than cure.
Prevent Identity Theft. Take steps to protect yourself from identity theft: Secure your Social Security number (SSN). Install firewalls and virus-detection software on your home computer.
Contact your health insurance company’s fraud department or Medicare’s fraud office. Tax Identity Theft.
10 things you can do to avoid fraud (Vietnamese) Download and order printed copies. Printable PDF ( KB) Order Free Copies. Tagged with: bank account, charity, lottery, money transfer, personal information, scam. August Related Items.
Hang Up on Phone Fraud. How to File a Complaint.
Data analysis techniques and tips for detecting and preventing fraud. Fraud, whether it occurs in the form of carefully crafted ponzi scams, fudging financial reports or theft from one’s own employer, is reaching alarming proportions and is not without its costs.
The Computer fraud is increasing in volumes and scale due to the common use of internet to browse and shopping and use emails to share information by individuals and in business. The computer fraud can lead to serious security and monetary damages if the users are not careful about the Issue.