In an increasingly digital world, you might expect check fraud to be a thing of the past. However, check fraud remains a prevalent form of financial crime that continues to pose a significant threat to individuals and businesses alike.
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With recent global conflicts threatening cybersecurity, it’s more important than ever to keep yourself and your finances protected. In addition to overarching internet fraud, cyberattackers will frequently target online payment systems. Cryptocurrency in particular has been the talk of potential scams and overseas cybercrime.
More people are opting to bank online. Banking online is convenient because you can quickly access your financial information from your phone or computer.
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Scammers hurt small businesses in the United States every year. According to the Association of Certified Fraud Examiners, the median loss is a whopping $98,000.
The prevention of fraud requires monitoring the workplace, continuously updated controls, data systems, and special procedures related to preventing fraud and scams. Fraud happens when there is opportunity.
The individual may believe the company owes him or her additional compensation. Perhaps the perpetrator knows precisely how weak the company’s controls and systems are and believes he or she will not be caught. Continue reading
