Financial frauds can be broadly defined as an intentional act of deception involving financial transactions for purpose of personal gain. Frauds is a crime, and is also a civil law violation.
There are many types of financial frauds that you need to look out for. From people misrepresenting their income on their tax returns to epic schemes to defraud the government, it’s important to understand the different types of frauds, how they occur, and what you can do about it.
The four basic types of financial frauds are:
Embezzlement, also called larceny, which is the illegal use of funds by a person who controls those funds. For example, a bookkeeper may use company money for his own personal needs. Many times, embezzlement stories don’t make it into the paper because business people are so embarrassed that they choose to keep the affair quiet instead. They usually settle privately with the embezzler rather than face public scrutiny.
Internal theft, which is the stealing of company assets by employees, such as taking office supplies or products the company sells without paying for them. Internal theft is often the culprit behind inventory shrinkage.
Payoffs and kickbacks, which are situations in which employees accept cash or other benefits in exchange for access to the company’s business, often creating a scenario where the company that the employee works for pays more for the goods or products than necessary. That extra money finds its way into the employee’s pocket who helped facilitate the access
Skimming, which occurs when employees take money from receipts and don’t record the revenue on the books.
If you, your business or your personal life has been impacted by any kind of financial frauds or theft, you could throw a pity party or you could hire an affordable private investigators Dallas to analyze your situation and come up with a plan that’s designed for your unique circumstances.
At Investigative Resources of Texas (IRT) private investigation company in East Texas, we look upon frauds and theft cases as opportunities to outsmart the people who think they’re geniuses.
Investigative Resources of Texas
1400 Hi Line Drive, Suite 1811
Dallas Texas 75207
Phone:
214-662-1006 (Dallas)
817 -773-1385 (Fort Worth)
832-260-8389 (Houston)
903-941-1406 (North East TX )
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