Banks are often the subject of money laundering practices. To name a few, Standard Chartered Bank, and BCCI. Credit Suisse has now been embroiled in the same problem. Switzerland's second-largest bank is involved in billions of dollars in gross money transactions, according to a report by the Organized Crime and...
According to a Report to The Nation 2020 survey, a code of ethics plays a major role as an anti-fraud control that can prevent fraud, amounting to 81%. However, there are still many companies that do not realize how important it is in minimizing losses due to fraud. Thus, in...
For many years, the telephone-based whistleblowing system was considered to be the most popular complaint channel. In recent years, many companies have shifted to website-based whistleblowing. According to Report to The Nation 2020, the use of website-based whistleblowing system has fairly increased in just over two years by 11%, from...
On April 1, 2019, White House Security Adviser Tricia Newbold revealed that there were serious violations in the administration of security permits against a number of US President Donald Trump's staff. As reported by AFP and Sky News, the refusal of granting permission to access confidential documents is related to...
Cambridge Analytica, the MeToo movement, Theranos, The Trump Whistleblower and other stories of whistleblowing have been the key to forcing cultural changes. For organizations, primarily corporations, whistleblowing is becoming more accepted as an early detection tool for violations. Meanwhile, for whistleblowers, the whistleblowing system is not always robust enough to keep...
Corruption is a global phenomenon. No organization is immune to corruption or other violations, including higher educational institutions (universities). Although there is no statistical data available yet about corruption cases that involve universities in Indonesia, there are several cases that have made headlines during 2018-2019. A few of them are...
Based on 2018 Report to the Nations: Global Study on Occupational Fraud and Abuse, industries that were affected by occupational fraud most frequently are banking and finance services, manufacturing, public sector, health, retail, insurance, and construction. Asset misappropriation is the most common form of fraud occurring with a range of...
The fact that millions of Facebook user data leaked in March may never be revealed if there is no whistleblower, Christopher Wylie. The twenty-eight-year-old man who once worked for Cambridge Analytica, a political consulting firm, revealed to the public how personal information Facebook users accessed and used by the company...
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...
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...
