‘Business unusual’ has created opportunity for fraud, and it’s going to get worse

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 63%

Malaysia News News

The principles underlying the fraud triangle were first advanced in the 1950s and remain relevant today

A global recession was expected in 2020 before the world was hit by a pandemic the likes of which had not been seen in 100 years. The 2008 global financial crisis demonstrated that fraud thrives when attention is focused elsewhere.

Means : Millions of jobs have been lost for good and hundreds of millions are under serious threat. Most employees are capable of perpetrating fraudulent acts in certain circumstances. A lack of job security combined with limited bonus prospects and excessive financial commitments will push some over that ethical cliff. Managements are also under pressure to mitigate poor financial performance that would drive share prices down further. This will lead to fraudulent financial reporting.

Payroll fraud: Substantial and sudden changes in workforce numbers lend themselves to “ghost” employees, overpayments and diversion of funds.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

‘Business unusual’ has created opportunity for fraud, and it’s going to get worseThe principles underlying the fraud triangle were first advanced in the 1950s and remain relevant today
Source: BDliveSA - 🏆 12. / 63 Read more »

BUSINESS MAVERICK: Covid-19 Insurance Fiasco: Some disasters can create opportunitiesPublic sentiment is overwhelmingly in support of the hundreds of restaurants and hospitality businesses denied cover by their insurers. Business Maverick chats to the main man in their corner, and asks him what is public loss adjusting anyway?
Source: dailymaverick - 🏆 3. / 84 Read more »