Logo letter
Different Types of Business Fraud Detection and Reporting
8 months ago

 

Business fraud is very prevalent in today's society. There are many different types of business fraud that can take place. Some common types of business fraud include: false advertising, accounting fraud, down-line tricking, kickbacks, extortion, embezzlement, and misrepresentation. A Certified Fraud Examiner (CFE) is a professional trained in all areas of fraud, from detecting fraud to forensic investigation. To prevent business fraud, there must be a thorough and active deterrent against such crimes. Go to Georgia corporation search for more.

 

One of the most popular types of business fraud detection is called Artificial Neural Network (ANN), also sometimes referred to as artificial intelligence, brain enhanced network, or artificially intelligent network. This type of fraud is believed to be an advanced form of malware or a virus. In an ann cyber attack, data is infected into an employee's computer via the Internet or through malicious software. This virus can also be transmitted from one employee to another employee through the use of instant messaging or email.

Credit card fraud is one of the most common types of business fraud. For example, it has been estimated that in the United States, more than one hundred nine dollars was spent on credit and debit card fraud in the last twelve months alone. It has been determined that the most common methods of credit card fraud include skimming, which is when a customer is provided with a fake bill, and forgery, which is when a person uses another person's information to obtain goods or services. To detect fraud using a credit card, business owners should perform a variety of different methods depending on the method used by the suspects.

 

For example, business owners should consider observing employees and monitoring their transactions. By performing a credit card fraud detection survey, they can determine which employees are using their company cards for personal purchases or the company has issued duplicate cards to their employees. If employees have suspicious activity on their accounts, the business owner should contact the fraud prevention center to find out what measures need to be taken. The center can then present options for addressing the problem such as monitoring transactions or stopping purchases if illicit activity is detected.

 

Businesses should also look into implementing artificial neural network (ANN) fraud prevention systems. A number of businesses have already implemented such a system in order to detect and prevent credit and debit card fraud. This is because an ANN system combines state of the art computer science with highly trained professionals who have experience in preventing and detecting credit and debit card fraud. An example of such a system is the zB Mathematical Analytics Environment, which was developed by a group of MIT researchers.

 

Businesses should also look into different types of employee fraud reporting. For example, it is important for businesses to know their options for reporting employees who have engaged in fraudulent activity on their companies' payroll. Some businesses have reported success by reporting each instance of employee fraud individually to human resources or the company itself. However, there are other companies who have been successful in detailing reports of different types of employee fraud and instructing employees to make appropriate changes. Go to Georgia secretary of state business search for more.

 

See more here: https://youtu.be/-otHohty-Lk

Posted in:
Read Further
18/01/2021
The Tools Used By Fraud Examiners In A Fraud Examination Service
18/01/2021
Fraud Examinations Service - How to Use One For Your Business