How to avoid " Financial fraud " ?

Carryout the background checks of all the personnel and when employed check the living lifestyle

make sure all the company procedures are being followed and all the loopholes should be identified and be rectified

all those who do not follow the company prodecures should be dealt with equally and according to the law

Assess the personnel by performing a background check.

Clearly understand the investment strategy.

Be wary of those offering “sure things,” quick returns, and special access.

Understand what, if any, regulatory oversight exists.

Assess the operational risk and infrastructure.

Limit your exposure.

Match the investment strategy to the reported performance.

Avoid e-mail solicitations.

1. Set the tone at the top - Financial are responsibility of Management and Board of Directors. By reducing existing pressures to commit fraud, removing potential opportunities and relieving possible rationalization, the three factors that contribute to fraud triangle can be addressed.

Always make sure no one can see your PIN number when you are in public, and do not tell anyone what it is, or send it online or in email. Remember that no bank or police official is ever going to ask you for your PIN, either.

Many forms of financial fraud come through stealing of personal information on PCs. Keep that computer protected with the latest anti-virus software.

Some of us still write checks, and while there are times it might be necessary, remember this: A check has your full name, address, phone number, your bank’s information, your account number and signature. A dishonest person may be able to use that information to draft on your bank account.

Some people, especially the elderly, still pay their utilities with checks. If you do, do not put it in your mailbox and put the flag up – that is encouraging fraudsters to steal your check and your identity. If you want to write checks to pay bills, take the letters to mailbox at the post office.

Fraud prospers after a natural disaster, such as a hurricane or tornado. Only give to a well known charitable organization that has been around for years.

Wiring money is sending people cash, so use caution. Many con artists insist upon bank wires for transactions. It is almost impossible to reverse money wires once they have been completed, and hard to trace. Be sure that you are dealing with a legitimate organization if you are wiring money. Many scammers use Craig’s List or another anonymous Internet website, and tell you to wire money to buy a product or service. Never do this

Never give out financial records to people you are not well familiar with. do not give out your ATM card numbers and passwords on websites that are not trusted (if it is not https). Do not hurriedly reply to e-mails asking you to transfer money to a certain account. Cross check with the supposed sender on another medium to avoid been a victim of Business Email Compromise.

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