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Whistleblowers- "tips" from with in the Organisation
Whistleblowers
One of the main sources for exposing wrong doings,scams and reporting fraud are from within the organisation are "tips" from someone working in the concern.These persons are known as "whistleblowers".However though a company may have a whistleblower policy and "hotlines"for reporting,many do not take initiative to expose other fellow employees or even management wrong doings as they fear "false allegatiins", retributiin and even dismissal.Hence there should be effectuve system of implementation by an in built mechanisism of "trust" and "safety" to the whistleblower within.If there is no such system and if an outsider happens to expose the wrong deeds tgere will be severe losses to the organisation in terms of reputation as well as financial.Hence organisations should put in place effective system and gain employees',trust and confidence.Organisations by way of demonstration make it clear to one and all how the syatem works,who reviews it,what are rewards,how the employees are protected and the legal aspects .The whistleblower should be assured that he will not become "victim" in the process.An effective code of conduct helps in implementing a effectuve policy on whistleblowing or "tips".A third party should be engaged to follow up investigation on whistleblowing as at times it may be the higher managements involvement in wrong doing. Thus a whistleblower exposes and reports fraud,which can further be examined by applying appropriate fraud examination checks.
Various Types Of Frauds
FRAUD TYPES- A TO Z-FRAUDS
TYPES OF FRAUDS
Identity Fraud and Identity Theft:
Identity theft is when your personal details are stolen and identity fraud is when those details are used to commit fraud.
Online Fraud:
Some fraudsters rely on the internet to commit their crimes. Learn about some different types of internet frauds that and how to protect yourself and get safe online.
Individual Frauds:
Individual fraud could be any fraud that targets a person directly.
Corporate Frauds :
Corporate fraud can be any fraud committed against a business.
Advance Fee Frauds:
Targets the intende victims to make advance payments without intention of fulfilling the contrct for goods and services.
A-Z of fraud-
There are some 180 Type of frauds
To help understand which fraud you've been affected by, frauds have been categorised into an alphabetical list.Only some of the Important frauds /scams are mentioned hereunder for easy understanding:
A Accommodation Fraud Accounts take over Asset misappropriation frauds
B Bank account fraud Bankruptcy fraud Betting Frauds Business Opportunity Frauds
C Call Centre Frauds Cheques Frauds Career opportunity frauds Computer software frauds Corporate frauds
D Dating Frauds Domain names Frauds Door to door step frauds
E Employee Frauds Employer frauds Employment Frauds
F Frauds recovery fraud False accounting frauds
G Gambling Frauds Government agencies frauds
H Hedge funds frauds Health insurance frauds Holiday frauds
I Identity Frauds Intellectual property frauds Insurance scams Insolvency frauds Inheritance frauds Internet frauds Investment scams
L Lottery frauds Loan Frauds Land scams
M Malware frauds Mailbox frauds Market manipulation frauds Money laundering frauds.
N Non domestic frauds
O Online Frauds Olympics frauds
P Payment frauds Ponzi schemes Phishing scams Procurement frauds Prize draw fraud frauds Patent frauds Property scams Pyramid scheme frauds.
Forensic Investigative Techniques
Seven Forensic Investigative Techniques
1.Public document Review and Investigation.
2.Interviwes Of Knowledgeable persons
3.Confidential Sources
4.LaboratoryAnalysis or electronic evidence.
5.Under cover operations
6.Analysis Of Financial Transactions.
7.Physical and electronic surveillance
Interesting News:
http://www.mirror.co.uk/news/world-news/vladimir-putins-top-anti-corruption-11116671
Block chain- Banking transactions-Introduced in India.
Bank or Block chain & Smart Contracts
Bank-Chain or Block chain:Introduced in India in February 2017.
In the present day of technology development and online banking transactions it has become utmost important to safe guard the customer accounts.
The Bank chain is a new concept of sharing information between banks by a block chain,that will help in reducing the incidence of frauds.
Bank chain is India's first consortium of bank chain established to link all banks as a solution for the betterment of financial transactions security and control.The concept will minimize frauds and maximizes efficiency, transparency and security of banking transactions.Block chain is a distributed digital ledger,data base, transactions. A transactions once inputted into this data base cannot be altered without several authorizations as the data is shared by several computer networks.Thus it becomes very difficult for hackers to get into the data base as there will be several layers of security built into the systems.This is known as distributed ledger which cannot be penetrated easily.However to counter the flip side of this block chain concept as transactions are anonymous, banks all over are advised to build a tough K YC norms before the opening of an account from the beginning.
The usage of this block chain concept will help in checking money laundering cases,security and transparency,client satisfaction,streamline paper work and improve audibility.
Another aspect is the smart contract, to digitalise all contracts which will eliminate paper transactions and missing during transit,useful in land dealings to easily identify the owners of the property and prevent the documents getting into wrong hands.Also helps in tax evasion of transactions.Enables faster settlement of transactions besides safety and security and cost effective.<any banks like Axis bank,ICICI bank,Kothak Mahendra bank,IDBI etc are showing interest and join the block chain .
Smart contract concept can be extended to all types of assets transactions besides land dealings.Smart contract can be inbuilt into the Block chain.
Thus this new distributed digital technology will greatly help banking security and risks of corruption and frauds.Hence to achieve the objectives of Block chain,the usage of Unique Identification Numbers of identity and linking of accounts to mobile security will help in a more secure way of safely doing banking transactions online.Banks also greatly benefit from using this Block chain concept of digitizing transactions and gain customers confidence.The Block chain will reduce number of intermediaries which in turn reduce the delays as well the chances of frauds .