TWO-FACTOR AUTHENTICATION

Authentication factors are multiple authentication methods that can be used to verify a person’s identity. The bulk of Two-factor Authentication (2FA) methods focus on the first three authentication elements, and most authentication methods rely on knowledge, possession, inherence, or location. Two-factor authentication or 2FA, is a type of multi-factor authentication that uses two separate credentials […]

Consumer Fraud

Consumer fraud embodies a variety of misleading practices related to advertising, marketing, or purchase & sales of goods and services. It is an illicit activity that involves deceit and is perpetrated against an unsuspecting individual or group resulting in a financial loss. Consumer fraud is an international concern with millions of consumer complaints received by […]

PONZI SCHEME

My friend John Doe was introduced to a forex platform that pays a monthly interest rate of 15% plus. He had the option of investing his money for six months or a year. According to the investment contract, he might withdraw his funds before the end of the investment period, but only 70% of the […]

IDENTITY FRAUD

The use of someone else’s identity, such as their name, date of birth, current or prior addresses, to gain goods or services by deceit or commit a crime is known as identity fraud. These fraudsters are known as identity thieves. In 1964, the phrase “identity theft” was coined. Whether the victim is living or deceased, […]

FRAUD RESPONSE PLAN

A fraud response plan can be defined as a plan put in place by an organization to help establish authority levels, action roles and reporting lines in a case where fraud is suspected. If fraud is suspected, it should be reported to either your line manager, internal audit, finance director, officer in charge of procurement […]

RISK MANAGEMENT

The process of recognizing, assessing, controlling, and responding to threats to an organization’s capital and earnings that occur during a business’s life cycle is known as risk management. According to ISO 31000, risk management process is a “systematic application of management policies, procedures and practices to the tasks of communication, consultation, establishing the context, identifying, analysing, […]

Poor Internal Control

Internal controls are the systems, regulations, and procedures put in place by a firm or organization to assure the accuracy of financial and accounting data, encourage accountability, and prevent fraud. These controls can assist enhance operational efficiency by enhancing financial reporting accuracy and timeliness. The Committee of Sponsoring Organization of the Treadway Commission (COSO) model […]

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