Recently, we had clients receive emails from what appeared to be employees within their businesses. In these emails, the person made a seemingly legitimate payroll request for employee rosters with social security numbers to be emailed to them. These were fraudulent “spoofed” emails from criminals seeking to obtain confidential data.
Alert: Email Fraud That Targets Businesses is on the Rise
Posted by nhogan on Apr 1, 2016 2:19:45 PM
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Topics: Email Scam, Fraud, Personal Data, Uncategorized
Every two years the Association of Certified Fraud Examiners (ACFE) conducts a fraud study, the Report to the Nations on Occupational Fraud and Abuse. A typical business loses 5% of their revenues to fraud. The median loss of revenue rose $5,000 from $140,000 to $145,000 from the 2012 study to the 2014 study. Discover which industries are the most fraud-prone and what questions you can ask yourself to better asses fraud risks for your borrowers.
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Topics: ACFE, Commercial Lenders, Fraud, Uncategorized
Workplace fraud is a legitimate threat around the country. Recent estimates of the cost of employee theft and fraud to U.S. businesses range from $20 billion to $50 billion a year. No business, regardless of size or nature, appears immune.
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Topics: Red Flag Reporting, Fraud, Fraud Prevention, Theft, Uncategorized
Stunned Contractor Battles Business Identity Theft
Business owners do not expect to have trusted employees steal from them. And when we mention "identity theft," most people think of individual identities. Unfortunately, identity theft can also strike businesses — including those in the construction industry. Recently, a plumbing contractor learned this the hard way. Our fraud prevention and detection group offers the following story, with some tips for preventing business identity theft and a Smith & Howard resource to help.
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Topics: Red Flag Reporting, Construction, Fraud, Fraud Prevention, Identity Theft, red flag services, Uncategorized
Skimmer frauds cost U.S. businesses billions of dollars annually, according to a report released by the Association of Chartered Certified Accountants USA (ACCA) and Pace University in February. The average loss per skimmer scam was roughly $50,000 in 2011, up from $30,000 in 2010. This trend shows no signs of stopping.
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Topics: Accounting, ATM, Advisory, Borrowers, Card Readers, Commercial Lenders, Electronic Payments, Fraud, Fraud Detection, Skimmer Scams, Transactions, Uncategorized
If your nonprofit became a victim of fraud, it wouldn’t just hurt your organization’s bottom line — the infraction also could do devastating damage to your reputation. By implementing some simple controls, though, your organization can help protect itself from these risks.
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Topics: Red Flag Reporting, Fraud, Fraud Hotline, Fraud Prevention, Nonprofit, Risk Assessment, Segregation of Duties, Uncategorized