Types of fraud in business

[Starmix]

We have to get to know the different types of fraud in the business. We might be a victim of this. These are the following:

1. Payroll fraud
2. Financial statement fraud
3. Asset misappropriation
4. Tax fraud
5. Identity theft
6. Corruption
( www.freshbooks.com)
My friend was once a victim of payroll fraud. His salary was not the amount reflected in the contract it was soon corrected because he hired a lawyer. I think all these 6 types of business fraud are happening in real like tax, we are wondering why we are deducted too much from what we earned. What about you? What is your experience with any of these kinds of fraud? How did you take action?

 

[King Belieal]

One of the worst kinds of business frauds is financial statement frauds. That kind of fraud would make it appear to stakeholders that the business is in a healthy position. Only for them to suddenly wake up and know that the business is bankrupt.

 

[Starmix]

One of the worst kinds of business frauds is financial statement frauds. That kind of fraud would make it appear to stakeholders that the business is in a healthy position. Only for them to suddenly wake up and know that the business is bankrupt.

That is also the basis for cheating the tax laws, the business owner may use his accountant to reduce the financial statement of the company to evade paying huge taxes.

 

[neku]

Identity theft fraud is a major fraud of online business owners, especially those who work at home. Top tech, internet companies are installing sophisticated wifi equipment in the house of neighbors to steal data, who then fake business ownership.

 

[Starmix]

Identity theft fraud is a major fraud of online business owners, especially those who work at home. Top tech, internet companies are installing sophisticated wifi equipment in the house of neighbors to steal data, who then fake business ownership.

There are cases like that owning the things they don't own and faking everything just to fulfill their whims and unlawful acts, they consider fulfilled vision in their wrong minds and actions.

 

[Fidelia]

Identity theft fraud is a major fraud of online business owners, especially those who work at home. Top tech, internet companies are installing sophisticated wifi equipment in the house of neighbors to steal data, who then fake business ownership.

That is why a company hiring people remotely needs to do w proper KYC that involves a government issued identity. That to a large extent would prevent identity fraud in business.

 

[eLdavis]

Corruption is one of the most common type of fraud right now in the business sector. These days it's becoming really hard to know original products from the fake ones. Most sellers today usually sell fake products for the price of the original one.

 

[Starmix]

Corruption is one of the most common type of fraud right now in the business sector. These days it's becoming really hard to know original products from the fake ones. Most sellers today usually sell fake products for the price of the original one.

You are so roght, corruption is rampant, in fact, we are also victims of corruption from our government officials like hoarding goods and paying them and selling them at skyrocketing prices using a third party seller.

 

[freelancermaria]

Number 6 appears to be the most popular among them all. This entails using bribery and other favors to attain wealth and personal advantages. Individuals who use this, however, exploit their positions of power to achieve an unfair advantage. This could entail making inappropriate connections with clients, government officials, and other prominent individuals. Such unethical acts can undermine integrity and result in legal consequences.

 

[Starmix]

Number 6 appears to be the most popular among them all. This entails using bribery and other favors to attain wealth and personal advantages. Individuals who use this, however, exploit their positions of power to achieve an unfair advantage. This could entail making inappropriate connections with clients, government officials, and other prominent individuals. Such unethical acts can undermine integrity and result in legal consequences.

It's true number 6 which is corruption is rampant anywhere in the world. Many are greedy especially the powerful politicians and company CEOs. They spare no one.

 

[Fidelia]

Some people sneak in ghost workers into the payroll especially for an organisation that is big. They would get the salaries id those ghost workers. In that way, they would be paid twice.

 

[Starmix]

Many landed in jail and sentence for life because of corruption. No one is spared on this regardless of position.

 

[Augusta]

Yss they are different frauds thst one can be fsced with in a business. it is to first find them out and try to stop them

 

[Starmix]

Corruption is the worst fraud especially malversation of public funds. It's punishable by life sentence.

 

[Fidelia]

To control all these frauds in business, it requires for a company to run regular checks on the finance and accounting department. That's why auditing is important in business.

 

[Xtynehappy]

I have come to know that in every business there must be some fraudulent activities that are associated with it. So it's the responsibility of the business manager to be very careful while dealing with that for sure.

 

[Starmix]

The asset misappropriation fraud usually happens in government offices. It is rampant in the city and local governments.

 

[Suba]

When fraud is done neatly and in a coalition between departments, it is usually difficult to find unless there is a notification from other employees. Often fraud is discovered by chance when conducting a general audit which is then carried out a fraud audit to ensure that the fraud has occurred.

 

[Starmix]

There are some employees in the higher ups who are skilled in manipulating budget and expenditures. They present receipts from purchasers which are tampered. The original amount is lesser and after receipts are manipulated, the management opt to rephrase the amount reflected in the manipulated receipts. The extra money goes to the crook fraudster employee.

 

[Kera]

We have to be very careful of staff that we employ for our businesses so that we don't end up having fraudsters as staff.