Topic: How to prevent fraud? - page 4. (Read 3157 times)

The volatility makes ignorant investors uncomfortable. Those who have done some research on bitcoin do not get worried by its fluctuating nature. They know how important this feature is in order to make profits from trading bitcoin. Mostly people trade once they grasp the concept of digital currencies and bitcoin. If bitcoin was ever anything like bubble or fraud, it would have left us for long.

This is the internet. Anonymity is part of it. You can't just DM a project and request for a "transparent" response of their plans. In these kinds of platforms, scammers are everywhere.

No, we are not fully aware. No one can ensure everything, who knows maybe Bitcoin is a big fat scam in the end aswell. But I hope that's not the case, I'm just giving you insights.


What do you mean by this exactly?

Be careful all of the time, after it, you must fully know about the project in which you want to invest your money. Simply read all of the comments that users left or feedbacks about the project, search on the internet more information and check the career profiles of the founders.

The best thing to prevent fraud is by avoiding the things that are new to you or things that you don't have any idea exactly what it is, so you should better ask questions with your friends who has an idea about it or ask people in online like here in this forum for you to know if it is legitimate. The reason why a lot of people get scammed because they like to try things that are new to them and they think it could be profitable to them without thinking wisely if it is really legit.

Investing in digital currencies is not risky at all and neither bitcoin is any sort of fraud. However, is someone scams people and grabs their bitcoin, this is a whole different story. People who were afraid of investing in bitcoin are also the ones who regret not buying it when the price was low. The crypto coin industry is full of opportunities. Getting some knowledge and investing into the right coin is working way of becoming rich.

That's why the investing was really risky for us to being prepared in order to have a knowledge about investing because investing was not very easy and sometimes a project that show you profitable but it's not. You cannot stop fraud but if you have a rights then that will be good.

fraud cases is not only with bitcoin but also many time fraud happen with money transaction, many kind of investment today never give back profit for investor after invest their money to the owner, they use member investor money to get rich for his self and do not care what happen with their member.

~snip....all responsibility falls on our shoulders.

In my own personal opinion, the best thing for us to prevent fraud or illegal activities that we should better think before we click meaning we should be more careful in visiting in unusual and unsafe websites for us to be more safe. Always read everything in the site before clicking the agree button especially if you need to submit a personal information and a transaction.

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.

It's very well said, isn't it? Every one of us have different strategies and technique not to fool fraud. In my own opinion, in order to avoid or prevent fraud, you should always do some research or background check before you are going to invest or pay. That's is very important and also don't you ever give your personal information, username or password to someone if you don't know him better. Just take even 1 day of research about them, in that way you can lower the possible risk.

This information was very useful especially in these days. We should be very picky when choosing ICO and investments. A lot of projects doesn't really have a unique feauture compare to others and what they only do is to make project and  get money from investors. This was really happening today that is why we should be aware in this scams and fraud. It is better to have a research first before investing with this projects. On the other hand there are still ptojects that offer great features which really help us

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.