Blog

Bad Faith: When Insurers Wrongfully Deny Claims
You pay your company’s insurance premiums faithfully, secure in the knowledge you’re covered if something goes wrong. Most of the time, such thinking will be right. Not only is it good business practice for insurers to cover legitimate claims, but it’s illegal for them to deny them. Unfortunately, not all insurers are good businesspeople, and ...

Read The Full Post


Steering Clear of Abusive Tax Shelters
As the year comes to a close, many businesses look for ways to save on taxes. Purveyors of abusive tax shelters know this and are ready to take advantage of unwitting owners. Abusive tax shelters are complex transactions that have no legitimate business purpose and are used solely to reduce or eliminate tax liability. However ...

Read The Full Post


How Nonprofits Can Prevent Fraud During the Busy Holiday Season
Charities typically receive most of their donations during the holidays and at year end. It’s critical for these organizations to be on the lookout for fraud throughout the year, but even more so during the busy season. Here are some fraud schemes nonprofits should watch out for and how they can use internal controls to ...

Read The Full Post


Is Your Business Prepared for a Fraud Disaster?
Your company probably has a contingency plan for such potential calamities as fires and natural disasters. But what about a fraud contingency plan? Even if you don’t believe that one of your trusted employees would ever steal from you, it pays to be prepared. A comprehensive fraud contingency plan can help facilitate an investigation and ...

Read The Full Post


Spotting and Preventing Cash Register Theft
Many retail businesses implement careful controls over the use of their cash registers. For this reason, register-disbursement schemes are among the least costly types of cash frauds. Without such controls, however, businesses risk significant losses. Here’s how to make sure your company is doing everything it can to prevent this type of fraud. Red Flags ...

Read The Full Post


How Real Estate Investors Can Uncover Financial Statement Fraud
With millions of dollars at stake, an overextended real estate developer has a lot to lose if lack of funds causes a project to collapse. To attract investment capital, some developers have been known to resort to financial statement fraud. If you’re considering financing a project, you need to know how to spot such deception. ...

Read The Full Post


Striking a Balance Between Fraud Prevention and Employee Privacy
The expense of preventing fraud is minimal compared to the cost of cleaning up after fraud has been committed. One common fraud deterrent is to monitor employees on the job. But are you legally entitled to monitor employees? The answer is “sometimes.” One thing is certain: You must follow current employment law to the letter. ...

Read The Full Post


3 Ways to Protect Yourself from Fraud When Shopping Online
Online shopping enables consumers to buy almost anything from the convenience of their own homes. But comfortable surroundings can lull online shoppers into a false sense of security. You wouldn’t leave your wallet unattended in a busy shopping mall or enter a sketchy-looking shop, yet you may be taking similar risks on the Internet. One ...

Read The Full Post


Don’t Become a Victim of Bankruptcy Fraud
Your company has landed a lucrative new account, and the customer has already placed several small orders, paying in full, on time. Now the customer wants to place a larger order, but has requested that you first expand its credit account. Warning! There’s a chance that you could become a victim of bankruptcy fraud. Your ...

Read The Full Post


Protect Computers From Employee Theft
To head off employee theft, businesses need to know what crooked employees are most likely to steal. The number one preference is cash. But if that’s off limits, the next choice is something expensive that they can use outside work. And, of course, the most costly and useful items in most offices are laptop and ...

Read The Full Post


Prevent Occupational Fraud From Infecting Your Medical Practice
Because most physicians have no background in business management or accounting, medical practices can be easy targets for occupational fraud. But at a time when reimbursement rates are being squeezed, the last thing your practice needs is employee theft. Here are the risks and how to prevent fraud schemes from starting. Risk Factors According to ...

Read The Full Post


Train Employees to Help Stamp Out Fraud
If your company is tired of being a fraud target, it’s time to train employees how to recognize and uncover unscrupulous activities — before irreparable damage is done. Here’s how. Enlist an Expert A forensic accountant can conduct on-site, broad-based training for employees in the form of live presentations. This expert might use role-playing to ...

Read The Full Post


Fraud Examiners Report: Awareness Can Help Reduce Losses
The typical business or other organization loses 5% of its revenues to fraud each year, with a median loss of $130,000. And about one-fifth of fraud cases involve losses of $1 million or more. That’s according to the Association of Certified Fraud Examiners’ (ACFE’s) Report to the Nations: 2018 Global Study on Occupational Fraud and ...

Read The Full Post


Conducting a Preliminary Fraud Interview
If you suspect an employee of fraud, you’ll want to enlist the help of financial and legal advisors to handle the bulk of the investigation. Ahead of their arrival, however, you may need to perform interviews to help resolve any doubts and obtain information before memories fade. Prepare for the Pros In advance of requesting ...

Read The Full Post


How Manufacturers Can Prevent Cyberattacks
Malicious hackers target all types of businesses. But manufacturers that rely on automation, robotics and connected networks are especially vulnerable to cyberattacks. Here’s what you can do to protect your manufacturing business. Know Your Risks It’s only natural that manufacturers fear data breaches — and unfortunately hackers often can use that fear to cripple organizations ...

Read The Full Post