04 Oct 2019

Any travel purchase is an act of faith, because you usually pay a substantial sum of money upfront and don’t take delivery until you turn up and, hopefully, get your holiday.  If you go to your local travel agent and buy a holiday, the overwhelming odds are that it will be a genuine and problem-free transaction. But if you are booking online, you are vulnerable to fraudsters. Be wary ...

22 Jul 2019

Olowo Rabiu Onaolapo, The young man in Governor Babajide Sanwo-Olu’s cabinet List By Simon Sunday, PhD. My biggest attraction in Governor Babajide Sanwo-Olu’s cabinet is a young man in his early thirties, Olowo Rabiu Onaolapo. At his age, Rabiu has headed the audit and compliance department of the multinational giant, GlaxoSmithKline in Nigeria & West Africa, for some time and...

02 Jul 2019

“I hope you are not one of those people who think Africa is a country. Africa is a continent.” Attendees of the session titled “Cultural Orientation and Whistleblowing in Africa,” led by Rabiu Olowo, CFE, got a good chuckle out of this opening statement. During his session at the 30th Annual ACFE Global Fraud Conference, Olowo shared a few factors that influence and affect whistleblowing...

17 Jun 2019

Chrysanthi Rausch was taking a nap on her couch two months ago when she got a call from a number she didn't recognize. On the other end of the line was a woman who said she worked for KeyBank, Rausch's local bank, calling to alert her of fraud in her account. "They wanted me to verify my identity through a text code. So they sent me a text, and then I read the six numbers back," sa...

15 May 2019

Autonomy's former finance boss has been sentenced to five years in prison for fraud, linked to the $11bn sale of the UK software firm to Hewlett Packard. British citizen Sushovan Hussain faces jail in the US after being found guilty last year of 16 counts of securities and wire fraud. HP wrote down the value of Autonomy by $8.8bn one year after buying it due to "serious accounting im...

08 May 2019

NEW YORK (Reuters) - Losses from the theft of cryptocurrencies from exchanges and fraud-related activities surged in the first quarter of the year to $1.2 billion, or 70 percent of the level for all of 2018, cybersecurity firm CipherTrace said on Tuesday. The value of losses from crime in the digital currency sector in 2018 hit $1.7 billion. But cryptocurrency crime has ballooned as t...

06 May 2019

A metals manufacturer faked test results and provided faulty materials to NASA, causing more than $700 million in losses and two failed satellite launch missions, according to an investigation by the U.S. space agency. The fraud involved an Oregon company called Sapa Profiles Inc., which falsified thousands of certifications for aluminum parts over 19 years for hundreds of customers, ...

06 Mar 2019

Chairman of the Code of Tribunal, Danladi Umar,on Friday, adjourned the trial of the suspended Chief Justice of Nigeria, Justice Walter Onnoghen, on charges of non-declaration of assets, till March 11. The tribunal chairman had earlier insisted on adjourning the matter till February 21 in defiance to an agreement between the prosecuting team led by Ibrahim Musa and the defence team le...

15 Jan 2019

The National Industrial Court, Abuja, on Monday affirmed the dismissal of one Rabi Ibrahim, from Unity Bank Plc, following her involvement in N306.2 million fraud. Ibrahim was dismissed on grounds of negligence, when it was discovered that she used her password to approve unauthorised transactions from accounts belonging to three different organisations without the consent of the acco...

11 Jan 2019

The United States Department of Justice has announced the arrest of 74 people in the US and overseas, including 29 in Nigeria, and three in Canada, Mauritius and Poland, for alleged financial fraud. The arrests were as a result of a coordinated effort to disrupt business email compromise schemes that are designed to intercept and hijack wire transfers from businesses and individuals, ...
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