Fraud A Broad Spectrum Of Individuals At Any Time

Fraud can affect a broad spectrum of individuals at any time. Companies and consumers are losing billions of dollars every year. The effects of such deceptions can way heavily on companies and consumers. Fraud can be committed in many different ways. It can range from employee embezzlement to email scams. With increasing frequency, fraud continues to occur. No matter what the news reports, without proper controls; fraud will still occur. Proper controls and training need to be put in place at companies and individuals need to have the tools readily available to know what types of fraud can occur and how to prevent it. The purpose of this paper is to show how the different types of fraud can affect everyone and how to mitigate and report the fraudulent activity. Types of Fraud Fraud comes in many different shapes and sizes. Some involve businesses while others affect consumers. Businesses typically become victims because their internal controls are not strong enough to prevent employees from embezzling money and changing the accounting records to hide the fraudulent activity. Businesses also see fraudulent activities come from vendors that do not provide the services they promise. If either is allowed to continue, over time, the businesses will lose thousands upon thousands of dollars. On the other hand; consumers can become victims of fraud in more types of instances. One of the more common ones is identity theft. â€Å"Identity theft is a term used to describe thoseShow MoreRelatedStrain Theory And Its Impact On Society Essay1641 Words   |  7 Pagesfurther expanded upon by Robert Agnew (1953) and Robert Merton(1951). General strain theory (GST), which has been expanded upon by theorist Robert Agnew. He says that GST in its simplest form is, â€Å"in dividuals who experience strains or stressors often become upset and sometimes cope with crime. 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