Fraud has always been a challenge for financial institutions, especially with the development of the digital world. Digital innovation opens more opportunities for fraudulent acts and brings threats to a higher level that made financial institutions become more vulnerable to such threats. However, like two sides of a coin, as there...
Buying an existing business may be more efficient in terms of time and effort than building a business from scratch. However, the purchase process requires a careful assessment. Once the money and assets moved, anything that happens to the acquired business becomes the new owner’s responsibility. In transactions of large...
Internal controls are sometimes not enough to detect a fraud. A survey conducted by Price Waterhouse Cooper in 2007 found that professional auditors were only able to detect 19% of frauds that occurred in private companies, while whistleblowers were able to expose 43% of frauds. The surveyed executive said that...
Integrity Asia attended the 2017 National Association of Professional Background Screeners (NAPBS) Annual Conference that was held on 17-19 September in Orlando, Florida. This year’s theme was “Creating Magical Connections” and featured a keynote session “Lessons in Leadership, Management, and Customer Service. YOU can create Disney Magic Too!” The conference offered...
According to Association of Certified Fraud Examiners (ACFE), a Ponzi scheme is an illegal business practice, in which a new investor’s money is used to make payments to previous investors. Typical Ponzi schemes will require an initial investment and promise a large profit with little to no risk. To gain...
According to the World Health Organization (WHO), counterfeit medicine is a medicine that has been deliberately and deceitfully labeled in order to mislead users over its identity and/or origins. In Indonesia, the Minister of Health of Indonesia through MoH Decree No. 1010/2008 defines counterfeit medicines as drugs which are manufactured...
Fraud risk is universally faced by all size of organizations. Unfortunately, these threats often come from dishonest people who have been hired by the companies to carry out their businesses. According to a 2016 fraud survey conducted by the Association of Fraud Examiners (ACFE) Indonesia Chapter and White Collar Crime...
Fraud, unethical behaviors, or dishonest activities within a company cannot be avoided completely. However, they can be minimized when it provides a formal reporting policy such as a whistleblowing system for all employees. This will help the company to be well-informed on fraudulent activities inside and prevent its employees or...
Fraud risks are a common type of risk that every company faces. It can bring a devastating impact for both business and public, from draining financial resources to a damaged reputation. When the risk is overlooked, it can put the company in a vulnerable situation. Measure your company’s fraud health...
The history of Toshiba Corporation can be traced from 1875 when it built its first factory in Tokyo to accommodate the government’s needs of modernization. Throughout its long history including surviving the World War II and several economic crises, Toshiba rapidly increased in sales and expanded its unique and innovative...
