Egypt probes $70m fraud in wheat supply

Egypt's general prosecutor said on Sunday that local wheat suppliers worked with government employees to falsely claim E£621 million  ($69.93 million) worth of grain that does not exist. Egypt has been embroiled in a controversy over its local wheat supplies, with grains industry officials claiming that over 2 million tonnes of the 5 million tonnes [...]

By |2016-08-26T14:32:28+00:00August 10th, 2016|Blog Post|0 Comments

ENRON: The smartest guys in the room

The central point in the Enron debate can be simply stated by asking whether or not they acted ethically through their business practices. Executives used mark to market accounting practices along with deregulation across the nation in order to falsify books and to create an illusion of success to the general public. These practices and [...]

By |2019-08-06T14:19:28+00:00August 9th, 2016|Blog Post|0 Comments

Your Asset Search & Trade-Based Money Laundering

If your adversary is using a business entity to conceal assets from you, one thing to look for is trade-based money laundering. A June 2006 report by the Financial Action Task Force explains that trade-based laundering schemes can include: the over or under-invoicing of goods or services; the over or under-shipping of goods; falsely describing [...]

By |2017-10-27T10:57:55+00:00August 8th, 2016|Blog Post|0 Comments

Does it surprise you that the average 5.47% loss in revenue from fraud suffered annually by companies across the world can account in some cases for more than 90% of your profits?

In a recent report from the Centre for Counter Fraud Services (CCFS) at Portsmouth University and accountancy firm BDO, a study of 178 FTSE-registered mining companies showed fraud had removed all but just 8% of their profits. What’s more, fraud had increased by almost 18% between 2013 and 2015. Faced with such staggering figures, particularly [...]

By |2016-08-03T17:41:09+00:00August 3rd, 2016|Blog Post|0 Comments

FTSE-250: how to change the culture and kill fraud

As fraud eats its way through profits of some of the richest FTSE 250-listed businesses in the UK has your company got all possible cyber safeguards in place and if not, why not? There’s no longer room to hide behind inaccurate loss predictions, complacency or ignorance – data mining techniques can now provide board members, [...]

By |2016-08-03T17:36:07+00:00August 3rd, 2016|Blog Post|0 Comments

How carelessness costs companies

Where on earth do you start to educate your workforce that ‘carelessness costs’? You could begin by taking a look at the server cabinet or behind that formidable bank of desktops. Is your cabling a dead ringer for Spaghetti Junction? One misconnection and you may be waving goodbye to valuable data by the terabyte. We [...]

By |2019-08-06T14:19:32+00:00July 21st, 2016|Blog Post|0 Comments
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