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, […]

DATA PROTECTION

DATA PROTECTION What is Data Protection? It is a practice that guarantees data collected is categorized, controlled, handled with care and in tandem with the provisions of laid down laws and regulations. Data Privacy and Protection Laws Section 37 of the 1999 constitution of Nigeria makes data protection a constitutional right. It provides that “The […]

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 […]

WHISTLEBLOWING

The growth of whistleblowing began with the global financial crisis of 2007/2008, which reawakened the globe to the need for corporate corruption to be addressed. Whistleblowing is a word used when a person, generally an employee, discloses knowledge or activity within a private, public, or government institution that is unlawful, illicit, or fraudulent. Making a […]

PHISHING

Phishing is a sort of social engineering-based cyberattack. By impersonating a legitimate entity or institution, fraudsters contact their targets by sending fraudulent messages via email, text message, or phone call, tricking them into disclosing sensitive information such as passwords, credit card details, personally identifiable information, bank details, payment orders, and so on. The victims are […]

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