Japanese media giant Nikkei lost US$ 29 million after transferring that amount of the money to a malicious third party. In a press release released on October 30, Nikkei, Inc. said that its subsidiary in The United States of America transferred funds amounting to approximately US$ 29 million to a third...
Many organizations or companies have seen whistleblowing as a very effective tool in preventing fraud. The 2018?ACFE Report to the Nations on Occupational Fraud and Abuse found that tip is the most common initial detection method with 46% of all fraud cases being detected. However, having a whistleblowing system on board...
Ponzi scheme, an investment scheme born in 1920, is always consistent with the goal of making money quickly. However, the offered scheme harms its investors. This scheme is taken from the name of Charles Ponzi who invented and practiced this scheme. The perpetrators pay the old investors with money from the...
Fraud becomes a classic problem, even a silent killer for a company. Although every company claims that they were free of fraud, but in reality, no company is completely free from fraud threats. PricewaterhouseCoopers released Global Economic Crime Survey report in the 2007, recorded the fantastic number of average total financial...
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...
