FINANCIAL FRAUD

A forensic audit is an examination of records and other financial documents to identify, investigate, and document potential fraud or other irregularities. It’s like a detective story, but with financial data instead of people. Here’s a breakdown of the key points: What: Key activities: Recipients: Examples: Requirements: Overall: Forensic audit is a specialized forensic accounting […]

Definition: Affiliate fraud is a type of fraud that involves unscrupulous affiliates manipulating their recommendations or reviews to deceive consumers and obtain fraudulent commissions. It involves schemes where affiliates falsely promote products or services and mislead consumers into making purchases. Types of Affiliate Fraud: Methods of Detection: Penalties: Prevention: FAQs

Definition: Financial fraud is the illegal or manipulative misappropriation of financial assets or information for personal gain. It involves deception, manipulation, and exploitation of financial systems and institutions. Types of Financial Fraud: 1. Embezzlement: The theft of funds entrusted to a person in a position of trust.2. Ponzi Schemes: Fraudulent investments that promise abnormally high […]

The transaction authentication number (TAN) is a unique code that is generated by a bank or other financial institution for each transaction you make. It is typically used as an extra layer of security to protect you from fraud. Purpose: How it works: Types of TAN: Examples: Benefits: Additional notes: FAQs

A credit monitoring service is a service that provides you with information about your credit reports and scores. This information can be used to help you track your credit usage, identify any errors, and take steps to improve your credit score. Here are some of the benefits of using a credit monitoring service: Here are […]

The Satyam scam, also known as the Satyam scandal, was a major accounting scandal that took place in India in 2009. It was one of the largest accounting scandals in Indian history, with a loss of $1.5 billion. Key events: Impact: Lessons learned: Legacy: The Satyam scam continues to have a lasting legacy in India. […]

A credit fraud alert (also known as a credit freeze) is a notification sent to creditors alerting them that you suspect fraudulent use of your credit information. It temporarily prevents creditors from opening new accounts in your name, issuing credit cards, or increasing your credit limit without your express consent. How To Request a Credit […]

A pyramid scheme is a type of fraudulent business model that relies on recruitment rather than product sales to generate revenue. Participants in a pyramid scheme recruit others to join the scheme, typically by promising high returns on investment. Characteristics of Pyramid Schemes: Examples of Pyramid Schemes: Legality: Pyramid schemes are illegal in many countries, […]

Definition: Embezzlement is the illegal appropriation of assets, usually entrusted to a person in a position of trust. It is a type of fraud that involves the misappropriation of funds or other assets entrusted to a person or organization. Examples: Types of Embezzlement: Motivations for Embezzlement: Penalties for Embezzlement: Prevention: Detection: Recovery: Additional Notes: FAQs

Cheque Truncation Cheque truncation is the process of stopping payment on a cheque before it is presented to the bank. This can be done by the payee (the person who wrote the cheque) or by the payer (the person who signed the cheque). Reasons for Cheque Truncation: Fraud: If the cheque is stolen or used […]