Fraud Controls | Why you need a documented Fraud Policy and Procedure Manual

Fraud controls are an absolute necessity in today's business environment, especially when you want to prevent your employees and your company from a wide array of fraud schemes, such as Nigerian letter fraud. Many individuals and businesses alike fall victim to these types of fraud schemes, ultimately resulting in devastating financial losses which can be difficult to recover from. Protect your organization by implementing a culture of awareness against fraud by purchasing the Fraud Policy and Procedure Manual from fraudpolicy.org. The documents is packed with all the essential ingredients for detecting and preventing fraud along with useful fraud controls and supporting resources in understanding, identifying, and reporting fraud, and much more.

So what really is Nigerian fraud? It is essentially advanced fee fraud schemes whereby a fraudster will engage in communication from the country of Nigeria (via mail or electronic format, such as e-mail) to another individual overseas, and offer that individual an opportunity to participate in the sharing of a large financial amount of money The individual from Nigeria will request various personal identification from an individual overseas, such as banking and other financial information along with requesting money from the victim. It may seem like a far-fetched scheme to many individuals, but surprisingly, it continues to be a growing problem, which is commonly known as "419" fraud, relating to section 419 of the Nigerian Criminal code.

These fraud schemes are not just limited to Nigeria, as a number of other fraudsters around the world have embarked on these schemes also.

Don't let your employees or your company become victims of this fraudulent scheme or any other type of fraud for that matter. Implement a sound fraud controls framework by adopting the Fraud Policy and Procedure Manual from fraudpolicy.org. You'll stop fraud schemes dead in their tracks.