MLR

Category: Fraud

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Internal fraud drains more than $3.7 trillion annually from global businesses, according to recent estimates, and not-for-profit organizations are not exempt.

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Many workplace crimes are “inside jobs.” They can involve employees stealing cash, inventory, equipment or intellectual property. Or they could include more sophisticated schemes such as bribery, kickbacks or payroll fraud.

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Few things in life are certain, but when disaster strikes, the number of fraud incidents will probably skyrocket. In the wake of a hurricane, tornado, flood, fire, earthquake or other unexpected catastrophe, fraudulent operators are always quick to surface.

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Mergers are like marriages. Success depends on any number of factors, but failure may be a result of one overriding flaw. In the case of mergers, that flaw often is lack of thorough due diligence.

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Do you dread getting phone calls from unfamiliar sources? It seems that callers are more likely to be aggressive solicitors, pushy telemarketers or even devious con artists than legitimate business people. Criminals typically target the elderly, disabled people or immigrants, threatening them with fines, penalties or deportation if they don’t make payments to the callers. In some cases, unsuspecting victims lose their entire life savings.

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The reality is, fraud happens and there are environments ripe for deception in the nonprofit industry.

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Unfortunately, the busiest and most profitable time of the year for retailers also attracts more than eager shoppers.Fraudsters, scammers and crooks ramp up their activities, seeking to skim a percentage of free-flowing dollars into their own pockets. The upcoming 2015 season will likely not be an exception. (11/23/2015)

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November and December are peak months for shoplifting. Not really a surprise. Shoplifting increases 10 percent or more during the holidays, according to security companies. Retailers are getting better at preventing shoplifting, but the losses are still staggering. The average value of items stolen per case is $134. (11/9/2015)

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Most employees have the business’s best interests at heart. Unfortunately, some employees think they have the right to share in the good fortune of their employer – whether they are authorized to do so or not. This sense of entitlement is one of the most difficult fraud challenges to identify and counteract. (10/26/2015)

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Along with the convenience of online shopping comes the ever-increasing problem of fraud. In fact, LexisNexis reports that 2014 saw a 33 percent spike in fraud incidents over the past year, making it the worse on record.(10/12/2015)