Fraud is the intentional false representation or concealment of a material fact for the purpose of inducing another to act upon it to their injury. In other words, if you lie in order to deprive a person or organization of their money or property, you’re committing fraud.
There is ‘personal fraud’ and ‘organizational fraud’. As an organization, we will be focusing on ‘organizational fraud’. Organizational fraud includes both internal fraud and external fraud.
Internal organizational fraud is also referred to as occupational fraud. Some examples include:
Some examples of external organizational fraud, in addition to the IT and cybersecurity schemes, include:
The college has many methods of fraud prevention and deterrence. Some of these include:
While these methods help to prevent fraud, it will never be 100% effective at eliminating fraud occurrences. Therefore, we also need methods of detection.
According to the Occupational Fraud 2022: A Report to the Nations by the Association of Certified Fraud Examiners, 42% of frauds were detected by tips, and more than half of all tips came from employees. This means that as college staff you are our most effective method of fraud detection.
The fraud triangle is a model showing the conditions that increase the likelihood of fraud being committed.
See our posted newsletters for more information on fraud awareness and prevention.
You can report suspected fraud using the LiveSafe app, or by clicking the EthicsPoint Reporting Hotline link below. This can be done anonymously.
