Christine Hradsky No Comments

New Study Reveals Costs, Means and Ways to Stop Fraud

Fraud and Abuse

These tips based off the “2018 Report to the Nations on Occupational Fraud and Abuse” will help safeguard your organization from thieves.

Would you leave the front door unlocked to your business or not-for-profit organization? Of course not. That would give thieves easy access to your assets. Yet a surprising number of organizations don’t have strong antifraud controls in place to protect against dishonest people inside their organizations. And theft from insiders — also referred to as “occupational fraud” — can be costly.

Fraud losses vary significantly, depending on the nature of the scam and how soon it’s detected. Globally, the median loss is $130,000, according to the findings from the 2018 Report to the Nations on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners (ACFE). Here’s a closer look at who was affected and how much was lost, as reported in the latest version of this biennial study. Read more

Christine Hradsky No Comments

How the IRS Proves Fraud and Why It Can Be Devastating

Fraud

The IRS looks for ‘Badges of Fraud’ that may trigger an investigation.

In general, a tax assessment by the IRS is presumed to be correct. A taxpayer can overcome the presumption with proof. That situation is reversed when the IRS asserts fraud. In those instances, the IRS must prove, by clear and convincing evidence, that fraud exists. Read more