IntroductionThirst for money has lead to stealing in many organizations. Practice of illegally having confidential information concerning finance in any organization remains an act of fraud. This leads to interest of acquiring the finance without the knowledge of the members of the organization for personal benefit. Its occurrence can undergo enhancement by a group or an individual. Fraud practices have caused big losses to most organizations. Most investigations have gone in vain but a few remains successful. Immediate actions to stop such practices have positively contributed to fighting it. Organizations should put in place, measures to detect such practices in advance.
In general, any act of benefit through deception can have description as fraud. (Angela, 2012)Types of FraudThe known types of fraud include phishing and malware. Phishing have description as a process of acquiring personal and financial information from victims that remain unsuspecting. Cyber criminals have this habit. They claim to represent different business organizations. Phishing occurs through e-mail, on phone or by texting. Computer system can undergo infection and damage without the knowledge of the owner. This has a description as malware type of fraud.
Fraudsters through malware, introduces worms, viruses and spywares in people’s computer systems. In the process, they have obtained illegal information at the expense of the owner’s loss. If such infections occur in the computer systems symptoms include, slow operation, e-mail sent to strange accounts without owner’s knowledge, existence of a new tool bar among others. (Manager. , 2011)Case 1In this first case, a woman of thirty years of age stole one million and eight hundred thousand dollars. This occurred in an industry sector, involving motor vehicles repairs.
She wanted to strengthen her four businesses that existed within the town where she worked. She worked as a bookkeeper and she managed to obtain that money from the organization’s bank account for six years. The owner of the business sacked most employees with the hope of realizing a change. Later on the employer resorted to a smaller premise but still debts existed. The fraud detection occurred when the name of the perpetrator, in a secret account availed. In addition, the books could not add up. The name in the secret account drained a lot of money from the business’s account according to the bankers.
Recovery of the money remained a challenge. The most affected during the fraud period became the financial services sectors. To add on, during the research period, 30 of the 33 banks underwent a lot of loss in relation to this fraud. Case 2Secondly, a male of fourty one years, motivated to gamble, stole up to twenty two point four million dollars. This also occurred in the sector of industry in a transport company.
He has employment as a controller of finance as well as secretary of the company. He had the opportunity of existing as one of the signatories to the account possessed by the company. The act of the fraud occurred for a period of sixteen years extraordinarily. (Brett Warfield, 2012)