Essays on Fraud

INSURANCE FRAUD

EXECUTIVE SUMMARY
Insurance fraud is the term used for explaining the misrepresentation that the individuals or a group of people make so that they can avail more benefits from the insurance companies to which they are actually not entitled too. The transparency in the representation is important for securing the rights and overburdening the company from the claims which have actually not taken place. The insurance companies take different measures for protecting the rights and ensuring that they are protected from the insurance fraud. For this the rules and regulations are implemented using which they sometimes protect themselves from Continue reading...

Abstract

The internet has been hailed as one of the best inventions in human history. It presents seemingly endless opportunities in diverse areas including the ability to carry out business transactions over the internet. Online commerce has developed in leaps and bounds over the last decade and more complex transactions are now possible over the cyberspace. With this development has come an associated problem; cyber identity fraud. This research paper seeks to identify the trends in cyber identity fraud, analyze the legal issues involved in cyber identity fraud and make appropriate recommendations on the changes that can be made Continue reading...

1.0 Introduction
Medicare fraud refers to obtaining money from the Medicare system under false pretense. Many Americans cannot afford to pay for health services. As a result, the Social Security Act in 1965 gave rise to Medicare in order to finance diverse forms of medical care for the vast number of Americans who cannot afford medical insurance. Different forms of Medicare fraud have evolved in the recent past but the bottom line for all of the forms is to illegitimately collect money from the Medicare system. Medicare fraud is just a fragment of the much bigger and intricate web Continue reading...

Fraud is an intentional action to do something that is illegal or unethical. It is done to cause damage to the receiving party. Many a times fraud is also done to gain something which could be money or inside information or knowledge. Fraud is a criminal offence. It cannot be justified. Many companies have gone through the fraud and there have been cases where the fraudster has been punished.
Revenue fraud is a type of fraud which affects the revenues of a company. It is done to manipulate the accounts and earn profits. Simply overstating or manipulating the revenues Continue reading...

Introduction

An accounting framework essentially influences the way business entities delineates success. Traditional accounting predominantly concentrates on increasing the shareholder value while also influencing the bottom lines of the business in terms of its finances. However, an growing number of corporations now-a-days, are primarily interested in either the so called “double” or “triple” bottom line accounting. Their focus is not just on measuring the impact their business practices have on the financial bottom line, but also upon the impact their business practices have on their personnel, the societies in which they operate, as well as the environment surrounding them.
When Continue reading...

Introduction

The US healthcare system is currently at the state where undoubtedly, it needs to be reformed. According to Dewar (2010), “The concern over the future of health care revolves around three broad issues: cost, quality, and access. As private health insurance declines and the number of uninsured people steadily rise, emerging public consensus is that the system is in need of reform. Gaps in coverage, combined with the upward trend in medical care spending over the past several decades, add to the commonly-held belief that the U.S. healthcare system is in crisis. Many are concerned over access to care Continue reading...

Abstract

All parties involved in worker’s compensation have the desire to eliminate fraud. A recent research shows that, fraudulent compensation of workers cost over $5 Billion annually. In California, over 25% of compensation claims are usually falsified, yet an average claim in California goes for almost $65 000. Therefore fraud needs to be avoided because it costs the state a huge amount of money which could have been spent on development projects. Fraud units have been put in place, but they have not been able to eliminate fraud. Worker compensation frauds can be eliminated by putting in place tougher Continue reading...

Executive Summary

This case study focuses on identifying fraudulent issues taking place in the given four situation of Forensic Accounting. It identifies the issue on hand for every situation and goes further to discuss the in details the presence of elements such as coercion, collusion, and concealment. Nevertheless, the paper utilizes the fraud triangle to explain how the fraudulent acts are committed. The conclusion for each situation discusses the possible ways of addressing the issues being identified.

Introduction

Fraud have been on rise in forensic Accounting creating path for more investigations in order to identify ways in which these frauds arise and Continue reading...

Introduction

Workers' compensation is a state-mandated insurance program providing compensation and medical benefits to employees who have been injured or disabled during the course of work at the place of employment. In exchange for the compensation, the employees need to relinquish their right to sue their employers for negligence or for the damages caused by the injury (CULS, 2014). Workers' compensation laws also provide monetary benefits to the dependents of those workers who have died due to work-related accidents or injuries. Though the workers' compensation programs vary among states and jurisdictions, the common provisions include wage replacement monetary benefits in Continue reading...

Internet fraud refers to any type of fraud scheme that uses web sites, chat rooms or message boards with aim of carrying out criminal activities such as fraudulent transactions or transit data of fraud to financial institutions. Internet fraud includes spam, spyware, identity theft, phishing and internet banking fraud. This paper looks at the organization internet and analyzes how the organization has been attacked by fraudsters. The two main fraud techniques that the organization has been attacked through are the phishing and identity theft.

Phishing

Phishing is a technique used to gain personal information which will be used for identity Continue reading...

Arguably, online crimes and fraud are tremendously in the rise. Since the beginning of 21st century, many issues related to internet scams and frauds have been reported. In most cases, online crimes and fraud could be the most complex, and rarely discovered. Online fraud and crimes, has cost many nations billions on money and resources. Due to improvement of technology, online crimes continue to be sophisticated. Certainly, fraudsters nowadays employ high-tech minds, of which they commit online crime and going undetected. Most of the online crimes in the world today includes online gambling, financial crimes, forgery, cyber defamation, as Continue reading...

Fraud encompasses a range of illegal acts and irregularities whose principal aim is deception. It is specifically used to describe the intentional representation about a material fact believed to be right but it is false. This deceitful practice is knowingly done to deceive and mislead another party in the aim of depriving property or right. Christopher, et. al. (2009) explains fraud as deliberate trickery made in leading persons to believe something that one person knows is wrong and wants others to rely on and in event suffer losses. It is also used to describe the concealing of truth to Continue reading...

Abstract

The 2008 financial crisis provides several examples that can now be cited to illustrate the entire financial system’s vulnerabilities and ample room for improvement. This paper uses the Satyam fraud case to illustrate the ruses and machinations utilized both internally and externally by those publically entrusted to easily perpetrate fraud on a grand scale. The paper cites the methods used to carry out the fraud and the major events leading to the fraud being revealed followed by the monetary, commercial, and public damage the scandal caused. The paper will show how top management with both internal and external Continue reading...

Insurance fraud is considered as one of the major risks in the business industry as well as one of the most serious criminal offenses. Criminal acts in insurance may involve various types including automobile property, worker compensation, life insurance, personal injury, residential and commercial property claims as well as health insurance. Insurance fraud has negative effects on society and the economy. Companies and government actors are doing their best to detect insurance scams, to prevent them and put an end to them.
Fraud has a negative impact on the insurance sector including the loss of billions of dollars. Insurance Continue reading...

Introduction

Occupational fraud is a fraud that is committed by the employee to an employer is also called employee fraud, there are much common in most companies which it leads to financial losses .as much as the people working stay in the company they will hide the fraud forever.

The article: 2013.

During the cannas film festival a necklace which was worth about $2m after a star studded though the event was every guarded the necklace was not found, the event is normally held to promote jewel. The jewel was stored in a safe and there door to the safe was not broken Continue reading...

- How many professionals make up the Association of Certified Fraud Examiners?

- What are the requirements to become a certified fraud examiner (CFE)?
- What is the overall mission of the Association of Certified Fraud Examiners?
The overall mission of the association is to support members with the knowledge, training, and resources needed to perform the duty at any time.
- What does a CFE do? What are some of the professions from which they originate?
CFE is able to identify warning and those indicators that hint at possible cases of fraud and possible risks associated with risk. Continue reading...

Research on the Impact of Internet Fraud on International Trade

Internet Banking at Risk in the Virtual Environment

Technology had greatly influenced the way people do about their daily lives. The convenience that computers and internet brought dramatic changes particularly to the business sector. Technology enabled companies and their clients to make transactions over the virtual environment with the aid of internet connection. Having that convenience of technology allowed the majority of the world's population to rely on internet-based transactions at their own comfort. However, organizations and private individuals are not the only one lurking around the virtual community. There are several eyes waiting to capture those transactions and Continue reading...

Business Ethics and Sustainability

Report on Sustainability Issues Affecting Institutional
Investors, Within the Australian and global Markets

Executive Summary 3

Introduction 4
Stakeholder’s Approach Theory 4-5
Major Stakeholders 5
Impact of the Incident to the Organization 6-7
Further Discussion 7-9
Ethical Theories behind the Incident 9
SBS Strengths: Ethics in Leadership and Organizational Culture 10-12
Recommendation/Conclusion 12 -14

References 15

Executive Summary
This case study pertains to the organization called SBS, short for Special Broadcasting Service. It provides multi-cultural programs on radio and television. The person who was interviewed for this case report was from SBS Radio. His name is Abu. He is the Executive Producer for Continue reading...

Abstract

Alternative dispute resolution has been hailed by many people for the crucial role it plays in finding solutions to disputes outside the courtroom. By definition, arbitration is an alternative dispute resolution technique that takes place out of the legal courts. In this kind of dispute resolution, a third party reviews the facts and evidence of two parties and imposes a legally binding decision. The fact that the parties to a dispute have total control over the process makes it more admirable as compared to the judicial process. The parties have the ability to make their own schedules and choose Continue reading...

The auditor shoulders the responsibility of determining any deceptive or erroneous occurrences of the financial dealings of a company during a particular period so as to avoid the organization from misquoting its position in its financial statements for any fraudulent purposes. An auditor thus ensures the conformation of the company’s accounts to the adopted accounting standards and reports on the company’s financial statements and its internal control system. The role of auditors therefore needs to ensure that the final statements of the company are free from any misstatements arising due to either fraud or unintentional errors.
The Continue reading...

Identity Fraud

A commonly utilized social network media referred to as Facebook is a characteristic feature in the social life of the American college students. However, the safety of the social networking site remains a mystery (McNally, 2012). Is there a possibility for identity theft in Facebook?
Various reports circle around regarding the identity theft, sexual assaults and stalking. The three problems arise in the social network site due to the forms of the enlisted information (McNally, 2012). The listing of personal details on the profiles of the network site further exposes users to the possibility of identity theft. Exposing a Continue reading...

Interview

This interview was conducted through email. The respondent was Jacky Mills, a deputy public relations officer at California Workers Compensation county offices in Los Angeles. The interviewee was responsive and timely in supplementing answers relating to compensation fraud in California. Here are her responses on the ten interview questions.
Question 1: A single claim in California goes for about $65,000. This means that the government loses a lot of money through fraud annually and the fraudsters are not brought to book. Since this is a lot of money what can the government do to prevent fraud?
Answer: Despite Continue reading...

Introduction

This part intends to introduce the concept of management fraud to the learners (executives) so that they can easily follow what is being presented. This part also discusses the reasons why management fraud occurs and what managers intend to do achieve by manipulating their financial statements. In this part, some recent corporate scandals are presented to show the seriousness of this offence. Thus, through introduction, managers will know more about management fraud, how it is done and the seriousness of this offence.

Effects of management fraud

This section highlight the main points of Continue reading...

Introduction

Identity theft is on the increase. The target of identity theft is usually the high net worth individuals. Corporate executives are exposed to higher risk due to the value of their liquid assets. They need to be educated on the dangers of identity theft and the steps to take to mitigate future losses through this rampant form of fraud. Identity theft is also rampant within an organisation with workers collaborating with outsiders to defraud their bosses. The staff should be aware of the dangers and how to critically buffer the executives and the company as a whole from Continue reading...

Introduction

The banking industry is a major target of the increasing levels of Internet fraud and scams. With the advancements in technology, cybercriminals have developed more sophisticated tools for stealing money from banks, which can result in millions of dollars of financial losses for these banks (Constantin 2012).
For Secure Future Savings Bank, in particular, Internet fraud and scams can disrupt its online banking operations. With online banking being so popular among Future Savings Bank’s customers due to the convenience and ease it brings them (Why is online banking is so popular these days? n.d.), disruptions in these operations Continue reading...

Introduction

Satyam limited, which is a Nasdaq-listed company, is one of the largest Global IT services firm. It has a portfolio of Major American and Australian companies such as Coca Cola, Citigroup, Telstra and Quantas.

The former chairman of the company, Ramalinga Raju admitted he had been tampering with the books of accounts. The company had been experiencing losses which he was covering up to reflect that the company was making a profit. He shockingly revealed that 94% of the cash and other assets, amounting to US$1 Billion, of the company did not exist. There was also the Continue reading...

Introduction

The cases of corporate fraud have increased recently where organizations have suffered huge financial losses as a result of this practice. To curb this problem, accounting and audit professional bodies have come up with comprehensive internal control requirements that need to be adopted by public organization to minimize cases of fraud and risks mismanagement (Sebastian, 2011). This paper analyses how these rules can be implemented in the organization.

Benefits of internal control programs

A good internal control program provides management of the organization with an assurance, which is independent on the effectiveness of governance. The program will ensure Continue reading...

Identity theft is a fraud-related crime that primarily involves an individual accessing and at the same time misusing another person’s identifying information (Morton, 2014). In this case, the information might even include pin numbers, credit card information as well as social security numbers. This information might be accessed through illegal and unauthorized access to government and even financial institution or through identity theft. As an attorney, I would charge Gorski as an identity thief since the cards in the briefcase contain identities of other individuals. Counterfeiting is another crime that involves goods and services that appear as if Continue reading...

The most important skills that a forensic accountant needs to possess.

Forensic accountants assist individuals and organizations by the provision of management support in the form of reviews of fraud, detection, and litigation. Their prime involvement follows a discovery or suspected fraud that requires investigations. Additionally, they consider issues such as the effects that fraud investigations might have on relationships between employees, management, and corporate image (Singleton and Singleton, 2010).
Consequently, it is crucial that a forensic accountant possess more that the fundamental skills and knowledge of auditing and accounting. Indeed, auditing forms a platform for a forensic accountant by its ability to the provision of an understanding of internal Continue reading...

Executive summary

In recent years, a lot emphasis has been put on the various types of corporate or white collar crime. This report analyses various methods of preventing white collar crimes. The report discusses various types of white collar crimes and how they are committed. It also illustrates some of the schemes often used to commit these crimes and their consequences. Finally, the report discusses steps that can be used to prevent white collar crimes. Mainly, the purpose of this research is to help employers understand the significance of the global effort to develop more durable businesses. It also illustrates ways Continue reading...

Welfare fraud and abuse involves the use of vast amounts of the federal money for various activities and programs without accounting for the value attached to those amounts of money. The transactions and programs where the money of taxpayers are channeled led to many cases of fraud and abuse of such funds by the responsible agencies and administrators. The money and funds used in the government grants and subsidy programs are subject to fraud and abuse. The people responsible for handling and management of such funds ending up misusing and abusing the money by channeling to their personal activities Continue reading...

Introduction

With increased technological advance and globalization, businesses in different industries and sectors are increasingly adopting online business systems as platforms for reaching a wider market as well as enhancing their efficiency and effectiveness. In that respect, the banking industry has been in the forefront in rolling out innovative products and services. However, the development has been matched by growing crime activities like internet fraud and scams which pose significant risks to the industry and individual firms. In that consideration, this analysis seeks to demonstrate the risks the internet fraud and scams pose to the industry and how they can Continue reading...

Internal control techniques

In the management of firms, internal controls suffice for purposes of ensuring efficiencies and effectiveness in the execution of managerial duties. Internal controls could be employed to ensure that the accounting policies and financial reporting standards are complied with. Internal control refers to the framework that the management employs for the smooth running of the company. It should be noted that such controls emanate internally within the firm. The paper briefly discusses some internal control techniques employed by management regarding financial reporting. The objective is to ensure financial reporting is precise, accurate and provides a true and fair representation of the company state of affairs. Continue reading...

Nature of the entity

Abercrombie & Fitch Co. (“A&F”) refers to a Delaware company incorporated in 1996. Abercrombie & Fitch Co. A specialty retailer, it operates direct-to-consumer operations and stores that supplies sportswear apparel, accessories, and personal care products. These products are sold under Abercrombie & Fitch, Hollister brands, Gilly Hicks, and Abercrombie kids. The company maintains similar store formats and display of merchandise irrespective of the store location. As of January 2012, Abercrombie & Fitch Co. had 1045 stores, 946 of which are located in the United States and 99 other in international locations. Generally, the company operates a fifty-two week fiscal year that ends on Continue reading...

The Fraud Diamond Framework was an improvement on the earlier ‘Fraud Triangle’ used by forensic accountants to detect accounting fraud. David Wolfe and Dana Hermanson proposed the change to the Fraud Triangle by adding a fourth element of ‘capability,’ rechristening it “The Fraud Diamond.” The first element in the framework is ‘Incentive’ which arises from the greed to commit fraud. The second element of ‘Opportunity’ could be a potential weakness in the system that the precise person could exploit. The third element of ‘rationalization’ happens when a perpetrator convinces his/her own self that such deceitful behaviour is worth with Continue reading...

Executive summary

In recent years, a lot emphasis has been put on the various types of corporate or white collar crime. This report analyses various methods of preventing white collar crimes. The report discusses various types of white collar crimes and how they are committed. It also illustrates some of the schemes often used to commit these crimes and their consequences. Finally, the report discusses steps that can be used to prevent white collar crimes. Mainly, the purpose of this research is to help employers understand the significance of the global effort to develop more durable businesses. It also illustrates ways Continue reading...

Internet fraud refers to a white-collar crime that as grown with the advent of the internet technology. For clarity purposes, we take the definition of the United States Department of Justice that defines Internet Fraud as “any fraud committed through the use of computer programs, internet related communication, or website trades ” (Del Armstrong and John Simonson, 2012). The consumer Internet Fraud Watch reports that the number of internet fraud incidences increased from 1152 in 1997 to 7500 in 1998. The United States Security Commission has reported that there are close to 300 cases of internet fraud daily ( Cyscope, 1998). Continue reading...

1. The three types of illegal business behavior alleged against Bernie Madoff include fraud, money laundering and theft. The first, fraud, involves coercing investors to decide whether or not to invest by giving them information that does not correspond to the reality of their situation. Madoff did this by This is meant to provide a short term gain for the defrauder, but significant losses for investors – the person committing the fraud gets the investment money while providing no return on that investment back to the investors. This is an unethical business practice, due to the fact that it is Continue reading...

Law of Torts in Business

Introduction

In the laws of a country, the law of tort is concerned with how someone treats their neighbour. A person should not injure a person neither should he trespass into a neighbour’s property. Such acts are considered to be criminal in nature and the individual will be liable in a court of law. The law of torts covers a range of actions such as negligence, intentional injury and defamation that ruins an individual’s reputation. The law of torts is best illustrated by the case of Donogue vs. Continue reading...

Professional Skepticism means an approach towards accounting which includes a questioning mind and being in a position which questions a possibility of fraud, errors or misstatement and is a critical evaluation of audit evidence. It is essential for a quality audit. Professional skepticism is a skill which is very similar to professional judgment and helps in providing an opinion for an audit engagement. Professional skepticism helps in asking questions which make sure that any information provided is true. It is an approach which is similar to a judgment and auditors with professional skepticism tend to make good decisions as Continue reading...