After going through of whitepaper of some project, it's unfortunate that some project still flag to be scam. Scammers are intelligent than their victim, a thorough careful is needed before investing on ICO or IEO project.
Topic: How to prevent fraud? (Read 3155 times)
Google gives the hint, and it is our responsibility to analyze and understand which is legitimate and which is trying to scam the users. These days scam projects too seems to be perfect as legitimate ones. Upon the same it is very hard to separate the legitimate ones from the scam projects. Here also luck plays a role in my view, because even after hard research if we fell into traps then it is our bad luck.
I don't think Google has anything to do with any of these things, as we can already see clearly the project in this very forum. And deciding things just by analyzing it yourself won't help either. You should also consider other people's opinions about it. Or sometimes follow people that know what they're doing, that's mostly what I'm doing.
I don't really believe in luck.
Billions of dollars are lost every year to occupational fraud or White collar crime. Businesses have been forced into bankruptcy because of fraud. In this day of blurred lines between right and wrong along with an end justify the means mentality, fraud is on the rise. Is your business at risk? Probably so, if you have any employees’, receive deliveries, or have accountants, managers or bookkeepers handle any of your business. To prevent fraud from happening in your company you need to understand the dynamics of this crime.
There are 2 main sources of fraud. The first is internal meaning an inside job usually an employee of the company. The second form is external and this is likely to be perpetrated by an outside vendor or supplier. Most fraud, unfortunately, is an inside job.
The United States Chamber of Commerce estimates that employee theft costs businesses somewhere between $20 and $40 billion per year. As indicated previously not all fraud is committed by employees. Vendors and suppliers can easily scam a business if the right checks and balances aren’t in place and that increases the amount of revenue lost to fraud by a substantial amount.
Who is more likely to commit fraud?
Most fraud is committed by those in the position of authority who have control of information. They are less likely to be questioned. Managers and professionals have the capacity to commit fraud and conceal information relating to it. That, however, does not mean that fraud is not committed by other employees.
Spotting possible fraud ;
The obvious indication is missing funds, but there are other things to look for. Identification of red flags of fraud is the first step in recognizing and stopping fraud. Be aware of the signs an employee might be committing fraud.
These signs may indicate that an employee is perpetrating fraud;
An employee constantly at work, coming in early and leaving late may indicate that something is going on. Be aware that some frauds require constant manipulation of information to remain hidden. If the perpetrator was not at work, the fraud may be exposed
Watch for an autocratic management style that ignores employee complaints or suggestions and discourages criticism of their own actions and their actions are often unaudited.
Key employees having too much control without audit checks
The red flags alone may not be the reason for an employer to take action against an employee. They are, however, cause for scrutiny and further investigation.
Daily there is a very good chance you will read an article in local newspapers about one or more employees caught stealing or unlawfully taking something from their place of employment be it; theft, pilfering, larceny and or outright embezzlement. Every year billions of dollars are lost by businesses nationwide to employee fraud and theft and the number of incidents is rising with small businesses, which usually focus on product development, marketing and sales, are particularly vulnerable.
Businesses can not run properly without its human resources, however, some employees of the company can defraud and with the result of the business suffering losses or even going bankrupt from occupational frauds.
Owners and senior management of small-medium and big businesses have to pay attention to a lot of activities and make a number of decisions each day which may not allow enough time to diligently concentrate on each functional areas, therefore, business requirements to build a solid internal control system to prevent fraud or error.
This system should set out policies and procedures for processing, recording and reporting financial data and securing a company’s assets.
Typically, frauds occur in the following areas;
Accounts receivable — This entails an employee or accomplice diverting customer payments for his own use. This usually involves opening a bank account with a name similar to the company’s name and deposits checks meant for the company in it. Inventory fraud. This involves an employee appropriating business inventory for personal use stealing inventory for resale. This is more common with consumer goods that are small and easy to conceal. In addition to stealing for personal use. Purchasing fraud. High stork businesses are particularly vulnerable to fraud and it is an area that represents the large risk for embezzlement. This usually involves paying invoices to fictitious companies. The employee establishes a fake entity and has it enter into the company’s system as a vendor and then produces invoices from the fake vendor, which get processed. Cash fraud. Company’s cash is an inviting target for fraudulent activities. Employees usually use company checks to withdraw cash directly or pay personal expenses or may skim cash off the top before it enters the accounting system.
About Author:
My name is Janise and I am business coach and zodiac casino flash review writer with 6 years if experience. I want to help people how to manage their business life and their budgets.
thanks, thats nice stuff to prevent fraud. thank u There are 2 main sources of fraud. The first is internal meaning an inside job usually an employee of the company. The second form is external and this is likely to be perpetrated by an outside vendor or supplier. Most fraud, unfortunately, is an inside job.
The United States Chamber of Commerce estimates that employee theft costs businesses somewhere between $20 and $40 billion per year. As indicated previously not all fraud is committed by employees. Vendors and suppliers can easily scam a business if the right checks and balances aren’t in place and that increases the amount of revenue lost to fraud by a substantial amount.
Who is more likely to commit fraud?
Most fraud is committed by those in the position of authority who have control of information. They are less likely to be questioned. Managers and professionals have the capacity to commit fraud and conceal information relating to it. That, however, does not mean that fraud is not committed by other employees.
Spotting possible fraud ;
The obvious indication is missing funds, but there are other things to look for. Identification of red flags of fraud is the first step in recognizing and stopping fraud. Be aware of the signs an employee might be committing fraud.
These signs may indicate that an employee is perpetrating fraud;
An employee constantly at work, coming in early and leaving late may indicate that something is going on. Be aware that some frauds require constant manipulation of information to remain hidden. If the perpetrator was not at work, the fraud may be exposed
Watch for an autocratic management style that ignores employee complaints or suggestions and discourages criticism of their own actions and their actions are often unaudited.
Key employees having too much control without audit checks
The red flags alone may not be the reason for an employer to take action against an employee. They are, however, cause for scrutiny and further investigation.
Daily there is a very good chance you will read an article in local newspapers about one or more employees caught stealing or unlawfully taking something from their place of employment be it; theft, pilfering, larceny and or outright embezzlement. Every year billions of dollars are lost by businesses nationwide to employee fraud and theft and the number of incidents is rising with small businesses, which usually focus on product development, marketing and sales, are particularly vulnerable.
Businesses can not run properly without its human resources, however, some employees of the company can defraud and with the result of the business suffering losses or even going bankrupt from occupational frauds.
Owners and senior management of small-medium and big businesses have to pay attention to a lot of activities and make a number of decisions each day which may not allow enough time to diligently concentrate on each functional areas, therefore, business requirements to build a solid internal control system to prevent fraud or error.
This system should set out policies and procedures for processing, recording and reporting financial data and securing a company’s assets.
Typically, frauds occur in the following areas;
Accounts receivable — This entails an employee or accomplice diverting customer payments for his own use. This usually involves opening a bank account with a name similar to the company’s name and deposits checks meant for the company in it. Inventory fraud. This involves an employee appropriating business inventory for personal use stealing inventory for resale. This is more common with consumer goods that are small and easy to conceal. In addition to stealing for personal use. Purchasing fraud. High stork businesses are particularly vulnerable to fraud and it is an area that represents the large risk for embezzlement. This usually involves paying invoices to fictitious companies. The employee establishes a fake entity and has it enter into the company’s system as a vendor and then produces invoices from the fake vendor, which get processed. Cash fraud. Company’s cash is an inviting target for fraudulent activities. Employees usually use company checks to withdraw cash directly or pay personal expenses or may skim cash off the top before it enters the accounting system.
About Author:
My name is Janise and I am business coach and zodiac casino flash review writer with 6 years if experience. I want to help people how to manage their business life and their budgets.
for now, be careful and careful to choose the ICO project to be used as an investment place, because most ICOs are now deceptive. so don't ever choose a strange project
amen, bro, we need to be carefully. and don't use doubtful excahnge
Perform a background check for the project or any investment that you are trying to get into. Frauds are everywhere and it is our duty to be careful and to make sure that everything is alright before we trust them with our own hard earned money. Do not get greedy with the quick and huge returns because if it is too good to be true then it is probably a scam.
This is a major problem of our nation that people take advantage of innocent people and make money by making them suffer from fraud. We should be careful and make a research about any project that we are using to invest our money. Right now on Google, there are so many sites that give knowledge about gambling and make us aware of frauds so we should visit them.You can find everything on Google, good and bad things about anything. Preventing fraud is possible only with education and when you know enough you will be able to make a difference between good and bad projects. Without knowledge, you will rush into investments just to make a profit, but most likely is that you will lose your money if you don't do researches properly and if you don't learn about what you are researching.
I think it will always exist, we just need to be careful.
Indeed, people should be careful while they're investing money and joining some company or ICO projects, because it can be fraud and you'll probably will be scammed. Everyone who wants to work in ICO project or any other company, has to make his theirs own research to find out if the project is legit or not.
Perform a background check for the project or any investment that you are trying to get into. Frauds are everywhere and it is our duty to be careful and to make sure that everything is alright before we trust them with our own hard earned money. Do not get greedy with the quick and huge returns because if it is too good to be true then it is probably a scam.
This is a major problem of our nation that people take advantage of innocent people and make money by making them suffer from fraud. We should be careful and make a research about any project that we are using to invest our money. Right now on Google, there are so many sites that give knowledge about gambling and make us aware of frauds so we should visit them.You can find everything on Google, good and bad things about anything. Preventing fraud is possible only with education and when you know enough you will be able to make a difference between good and bad projects. Without knowledge, you will rush into investments just to make a profit, but most likely is that you will lose your money if you don't do researches properly and if you don't learn about what you are researching.
Perform a background check for the project or any investment that you are trying to get into. Frauds are everywhere and it is our duty to be careful and to make sure that everything is alright before we trust them with our own hard earned money. Do not get greedy with the quick and huge returns because if it is too good to be true then it is probably a scam.
This is a major problem of our nation that people take advantage of innocent people and make money by making them suffer from fraud. We should be careful and make a research about any project that we are using to invest our money. Right now on Google, there are so many sites that give knowledge about gambling and make us aware of frauds so we should visit them. I think it will always exist, we just need to be careful.
Indeed, people should be careful while they're investing money and joining some company or ICO projects, because it can be fraud and you'll probably will be scammed. Everyone who wants to work in ICO project or any other company, has to make his theirs own research to find out if the project is legit or not.
I hardly believe that ICO these days are working or legitimate as I already got scammed and swear not to invest again. Not until I've see the altcoins performing well again.
I think if there is an ICO that has been successful can be counted in fingers only, I haven't heard much of any ICO who become successful this year, I only heard one of it but I don't know how much reliable was that as they can easily manipulate and tell people that their ICO has been successful just like how scam project did to manipulate investors.
I think it will always exist, we just need to be careful.
Indeed, people should be careful while they're investing money and joining some company or ICO projects, because it can be fraud and you'll probably will be scammed. Everyone who wants to work in ICO project or any other company, has to make his theirs own research to find out if the project is legit or not.
I hardly believe that ICO these days are working or legitimate as I already got scammed and swear not to invest again. Not until I've see the altcoins performing well again.
Perform a background check for the project or any investment that you are trying to get into. Frauds are everywhere and it is our duty to be careful and to make sure that everything is alright before we trust them with our own hard earned money. Do not get greedy with the quick and huge returns because if it is too good to be true then it is probably a scam.
I think it will always exist, we just need to be careful.
Indeed, people should be careful while they're investing money and joining some company or ICO projects, because it can be fraud and you'll probably will be scammed. Everyone who wants to work in ICO project or any other company, has to make his theirs own research to find out if the project is legit or not.
I once thought like that, I think it's quite safe and impossible to hack, but I got hacked, then I also got a scam investment. but from all that experience I learned to avoid fraud. because in my opinion, the experience will make people more aware and concerned. but if everything we do is right and still gets fraud? who is to blame? even big markets often get fraud.
As long as there are markets and there is money involved in them you can be sure that there are going to be frauds all over the place, what you need to do is to protect yourself, and while many times we discuss the ways in which you can protect yourself with the use of technology, we do not discuss how you can protect yourself by just using your common sense, and this is really important especially when it comes to investing in icos that despite all their claims most of them are just scams.I do agree that there would always be employee inside a company that were engaging and committing fraud most specially those person who are the least expected ones but if you observe carefully those who you think the people who are in dire need of money, they were the usually ones who are tempted to do those heinous crimes regardless of what their position are.
There always be a chance to have employees who are working with other intention in company. That is what we called inside job. They committed crimes not because of poverty but because they are greed of money. Many fraudulent acts goes on nowadays and investors or customers are always the target. These victims are disappointed to the system and in result the company itself loses trusted people specially investors.
When people are not contented with the money that they are earning and that they want instant money and they are too greedy, remember the 'Karma' that has something to do with our life, so they might be happy now because they do have a lot of money, but remember that Karma is always around, it never forgets then for sure one day they will lose something much bigger than they got.
I do agree that there would always be employee inside a company that were engaging and committing fraud most specially those person who are the least expected ones but if you observe carefully those who you think the people who are in dire need of money, they were the usually ones who are tempted to do those heinous crimes regardless of what their position are.
There always be a chance to have employees who are working with other intention in company. That is what we called inside job. They committed crimes not because of poverty but because they are greed of money. Many fraudulent acts goes on nowadays and investors or customers are always the target. These victims are disappointed to the system and in result the company itself loses trusted people specially investors.
When people are not contented with the money that they are earning and that they want instant money and they are too greedy, remember the 'Karma' that has something to do with our life, so they might be happy now because they do have a lot of money, but remember that Karma is always around, it never forgets then for sure one day they will lose something much bigger than they got.
I do agree that there would always be employee inside a company that were engaging and committing fraud most specially those person who are the least expected ones but if you observe carefully those who you think the people who are in dire need of money, they were the usually ones who are tempted to do those heinous crimes regardless of what their position are.
There always be a chance to have employees who are working with other intention in company. That is what we called inside job. They committed crimes not because of poverty but because they are greed of money. Many fraudulent acts goes on nowadays and investors or customers are always the target. These victims are disappointed to the system and in result the company itself loses trusted people specially investors.
I guess fraudulent is not preventable but you can minimize being a victim if you will be very vigilant in your actions towards your investments. Doing more research before engaging to something which includes money will reduce the chances of being a victim of fraudulence.
knowledge is the best way to dodge fraud. and where ever you are, in any platform, there are many fraud that hunt ever person move. ask to someone that know about that thing, get more experience to make yourself expert, and sometime, you need to be victim to get more experienceWith proper study, by making your time valuable and studying a lot of things, it will make you confident and can easily say no to scam project and I have seen this to some expert people I introduced a project to them to have a look at it but after scanning they can easily say to me that it was a scam, I told them that ' NO ' it's not a scam as it has office, real product etc etc, and they explained to me why, then after few months they were really right.
I guess fraudulent is not preventable but you can minimize being a victim if you will be very vigilant in your actions towards your investments. Doing more research before engaging to something which includes money will reduce the chances of being a victim of fraudulence.
knowledge is the best way to dodge fraud. and where ever you are, in any platform, there are many fraud that hunt ever person move. ask to someone that know about that thing, get more experience to make yourself expert, and sometime, you need to be victim to get more experienceWith proper study, by making your time valuable and studying a lot of things, it will make you confident and can easily say no to scam project and I have seen this to some expert people I introduced a project to them to have a look at it but after scanning they can easily say to me that it was a scam, I told them that ' NO ' it's not a scam as it has office, real product etc etc, and they explained to me why, then after few months they were really right.
With proper study, by making your time valuable and studying a lot of things, it will make you confident and can easily say no to scam project and I have seen this to some expert people I introduced a project to them to have a look at it but after scanning they can easily say to me that it was a scam, I told them that ' NO ' it's not a scam as it has office, real product etc etc, and they explained to me why, then after few months they were really right.
If it would be so simple to avoid fraud in the cryptocurrency market, then this topic would not be so relevant today. As a rule, more fraud is received by ordinary cryptocurrency users who invest their money in new projects, rather than large whales who possess large volumes of the highest rated cryptocurrencies, which do not raise doubts about future prospects. I guess fraudulent is not preventable but you can minimize being a victim if you will be very vigilant in your actions towards your investments. Doing more research before engaging to something which includes money will reduce the chances of being a victim of fraudulence.
knowledge is the best way to dodge fraud. and where ever you are, in any platform, there are many fraud that hunt ever person move. ask to someone that know about that thing, get more experience to make yourself expert, and sometime, you need to be victim to get more experienceWith proper study, by making your time valuable and studying a lot of things, it will make you confident and can easily say no to scam project and I have seen this to some expert people I introduced a project to them to have a look at it but after scanning they can easily say to me that it was a scam, I told them that ' NO ' it's not a scam as it has office, real product etc etc, and they explained to me why, then after few months they were really right.
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