If It Smells Like Fraud, Sounds Like Fraud, And It Looks Like Fraud, Then It Is Fraud!
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CERT defines "insider fraud" as an insider use of IT for the unauthorised modification, addition, deletion of an organisation assets for personal gain, or theft of informaiton that leads to an identity crime.
Over the last 12 months, there have beem a multitude of isnider frauds. Here are some examples:
- Ausdrill one of the largest mining services companies believes about A$10 million has been siphoned from the company’s coffers over eight years by an Australia-based employee;
- The former chief of staff to ex-National Australia Bank boss has been charged in relation to a $40m fraud against the bank; And
- One of the largest healthcare fraud schemes to date caught 24 individuals, including CEOs, COOs and others associated with five telemedicine companies, the owners of dozens of durable medical equipment companies and three licensed medical professionals, for their alleged participation in health care fraud schemes involving more than $1.2 billion in loss.
In this article, I articulate why fraud takes place? How does it happen? What contributes to it? What are the signs that could be happening in your organisation?
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