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 […]

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 […]

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 […]

INSURANCE FRAUD

A person or company arranges a guarantee of compensation when there are specific losses, illness, damage and even death by paying a specified premium. This is called Insurance. Insurance can also be referred to as a contract which is represented by a policy. Here, a company, an individual or entity receives protection financially or in […]

BUSINESS EMAIL COMPROMISE

Business Email Compromise (BEC) is also known as email account compromise, man-in the-email attack. Not only is this type of fraud one of the most financially damaging online crimes, but it is also costlier than other fraud attacks combined. It is becoming more targeted, there are fewer victims, but the losses are greater. In BEC […]

Magu released as Buhari axes more EFCC officials

The suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, was yesterday released after 10 days in detention. He had been arrested and hauled before the Justice Ayo Salami-led presidential panel to answer the fraud charges preferred against him by the Attorney General of the Federation and Minister of Justice, Abubakar […]

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