Designed for United Kingdom
Course running time is 28 Minutes
This course is customisable
Our Fraud course covers the three general circumstances that can lead to employees committing internal fraud – motivation: opportunity and rationalisation: and some common warning signs to look out for. It covers the types of internal fraud: such as accounting and kickbacks: and external fraud such as identity theft and the use of social engineering. Finally: this course also covers the policies and procedures that can help mitigate the risks: and how employees can respond if they identify or suspect fraudulent activity.
Fraud Learning Outcomes
What is Fraud?
This course is designed to equip you with the knowledge and tools needed to detect, prevent, and mitigate fraudulent activities in various contexts.
The course begins with an exploration of the fundamental question: What is fraud? We delve into the definition of fraud and examine its essential characteristics. Building upon this foundation, we delve into the different forms of fraud that exist today. From identity theft to financial fraud, you will gain insights into the various techniques and strategies employed by fraudsters.
Understanding the scale of the problem is crucial, which is why we dedicate a section to unravelling the annual cost of fraud in the UK. By examining statistics and case studies, you will gain a clear picture of the financial impact fraud imposes on individuals, businesses, and society as a whole.
Moving forward, we shed light on the legal aspects of fraud. We delve into criminal enforcement, exploring how law enforcement agencies investigate, prosecute, and bring fraudsters to justice. Furthermore, we explore where fraud offences are defined, examining the legislation and regulations that govern fraudulent activities.
Penalties for fraud offences can vary significantly, which is why we dedicate a section to understanding the consequences faced by perpetrators. From fines to imprisonment, we explore the range of penalties imposed on individuals convicted of fraud.
To combat fraud effectively, it is essential to understand the mechanics of fraud rings. In this course, we provide you with insights into the structure, operations, and strategies employed by these organised groups. By understanding their modus operandi, you will be better equipped to identify and counter their activities.
Finally, we explore the importance of policies and controls in fraud prevention. We analyse best practices for implementing robust policies, procedures, and internal controls that can help organisations detect and deter fraudulent activities.
Throughout the course, we utilise real-life examples, case studies, and interactive exercises to enhance your learning experience. By the end of this course, you will have a solid understanding of fraud, its different forms, the costs associated with it, legal frameworks, penalties, consequences, fraud rings, and effective prevention measures.
This course aims to equip you with the knowledge and skills necessary to identify, prevent, and mitigate internal fraudulent activities within your organisation.
The course delves into the intricacies of employee fraud. By understanding the various types of fraudulent activities that can be perpetrated by individuals within your organisation, you will be better prepared to tackle this pervasive issue. From embezzlement to falsification of records, we explore the wide range of fraudulent behaviours that can occur.
To truly understand employee fraud, it is essential to examine the motives behind such actions. In this course, we analyse the psychological, financial, and situational factors that can drive employees to engage in fraudulent activities. By gaining insights into these motives, you will be able to proactively address potential vulnerabilities within your organisation.
Recognising the warning signs of internal fraud is crucial in detecting and preventing fraudulent activities. We provide you with a comprehensive list of red flags to watch out for, enabling you to identify potential fraudsters and take appropriate action before significant damage occurs.
Moreover, we examine the exposure to fraud opportunities within your organisation. By understanding the specific areas and processes that are susceptible to internal fraud, you can implement effective control measures to minimise the risk of such incidents.
An often-overlooked aspect of internal fraud is the potential risks posed by ex-employees. We explore the challenges and vulnerabilities associated with former employees and provide strategies to mitigate the risks they may pose.
To comprehend the dynamics of internal fraud fully, we introduce you to the fraud triangle. This theoretical framework explores the three essential elements that must be present for fraudulent activities to occur: opportunity, motivation, and rationalisation. By understanding this triangle, you will be able to identify and address these elements, creating an environment less conducive to internal fraud.
Throughout the course, we incorporate real-life case studies, interactive exercises, and practical tips to enhance your learning experience. By the end of this course, you will have a comprehensive understanding of internal fraud, employee motives, warning signs, exposure to fraud opportunities, risks from ex-employees, and the fraud triangle.
Types of internal fraud
You will explore the different types of internal fraud that exist. From splitting expenses to payroll fraud, kickbacks to favours/gifts, ghost employees to expenses fraud, and vendor bribery, we delve into each form, shedding light on their characteristics, methodologies, and potential impact on your organisation.
Understanding the concept of splitting expenses is essential for detecting fraudulent activities. In this course, we provide you with insights into the techniques employed by fraudsters to manipulate expenses and how to effectively identify and address such practices.
Payroll fraud is a prevalent form of internal fraud that can result in significant financial losses for organisations. We examine the various methods used to perpetrate payroll fraud and equip you with the knowledge to implement robust controls and prevention measures.
Kickbacks, where employees receive illicit payments in exchange for preferential treatment, pose a serious threat to the integrity of your organisation. We delve into the dynamics of kickbacks, helping you identify signs of such arrangements and implement measures to prevent and detect them.
Favours and gifts can be used as a means of bribing employees and compromising their ethical conduct. This course explores the risks associated with accepting favours and gifts, providing guidance on setting appropriate policies and establishing a culture of integrity.
Ghost employees, individuals listed on the payroll who do not actually work for the organisation, can drain valuable resources. We examine the tactics employed by fraudsters to create and maintain ghost employees, enabling you to implement robust verification processes to prevent this type of fraud.
Expenses fraud is a widespread form of internal fraud that can impact an organisation’s bottom line. We analyse the different methods used to manipulate expense claims and provide practical strategies to detect and prevent such fraudulent activities.
Vendor bribery is a serious threat to organisations’ procurement processes. We explore the risks associated with vendor bribery and provide guidance on establishing effective controls to ensure fair and transparent supplier relationships.
Throughout the course, we utilise real-life examples, case studies, and interactive exercises to enhance your learning experience. By the end of this course, you will have a comprehensive understanding of the different types of internal fraud, including splitting expenses, payroll fraud, kickbacks, favours/gifts, ghost employees, expenses fraud, and vendor bribery.
Types of external fraud
This course aims to equip you with the knowledge and skills necessary to detect, prevent, and mitigate different forms of fraudulent activities originating from outside sources.
By understanding the tactics employed by fraudsters in this form of fraud, you will be better prepared to identify and prevent such deceptive practices.
Skimming is a prevalent form of external fraud that involves the unauthorised collection of payment card information. In this course, we delve into the techniques used by skimmers and provide you with insights to detect and protect against this type of fraud.
Social engineering is a technique used by fraudsters to manipulate individuals into divulging sensitive information or performing actions that may compromise security. We analyse the psychology and methods behind social engineering attacks, equipping you with the knowledge to recognize and counter such manipulative tactics.
Phishing is a deceptive practice where fraudsters impersonate legitimate entities to trick individuals into providing confidential information. We explore the various types of phishing attacks and provide practical strategies to identify and avoid falling victim to these scams.
Impersonation fraud involves fraudsters posing as someone else to deceive individuals or organisations. We examine the methods employed in impersonation fraud and provide guidance on verifying identities and protecting against such deceptive practices.
Third-party fraud occurs when individuals or organisations are targeted by fraudsters outside their immediate sphere. We explore the tactics employed by external fraudsters and provide you with the knowledge to identify and prevent such attacks.
Second-party fraud involves fraudulent activities perpetrated by someone within an individual’s or organisation’s network of trust. We analyse the dynamics of second-party fraud, enabling you to recognise potential risks and implement measures to mitigate them.
In the event that fraud has occurred, forensic recovery techniques can aid in identifying and recovering stolen assets. We delve into the field of forensic recovery, providing you with an understanding of the processes and techniques used to investigate and recover losses resulting from fraud.
Throughout the course, we utilise real-life examples, case studies, and interactive exercises to enhance your learning experience. By the end of this course, you will have a comprehensive understanding of the different types of external fraud, including first-party fraud, skimming, social engineering, phishing, impersonation fraud, third-party fraud, second-party fraud, and forensic recovery.
Prevention and responding
By understanding the risks and consequences associated with tipping off, you will be able to implement measures to ensure the confidentiality and integrity of fraud investigations.
We emphasise the importance of adopting a zero-tolerance approach to fraud within your organisation. By instilling a culture that leaves no room for fraudulent activities, you can establish clear expectations and consequences, deterring potential fraudsters and creating a strong ethical foundation.
Managerial approval forgery is a serious risk that can enable fraudsters to bypass internal controls. In this course, we delve into the techniques used in this type of fraud and provide guidance on implementing robust approval processes to prevent forgery.
Conducting effective risk assessments is crucial in identifying potential vulnerabilities and implementing appropriate controls. We explore the methodologies and best practices for conducting comprehensive risk assessments, enabling you to proactively address potential fraud risks.
Whistle blowing plays a crucial role in fraud prevention and detection. We emphasise the importance of establishing effective whistle-blower policies and procedures, creating a safe and confidential environment for individuals to report suspected fraudulent activities.
Understanding fraud controls is essential in mitigating the risks associated with fraudulent activities. We examine various control measures, such as segregation of duties, access controls, and transaction monitoring, providing you with insights to implement effective controls tailored to your organisation’s needs.
In addition to prevention, we also delve into fraud mitigation strategies. By understanding the steps to be taken when fraud is discovered, you will be better prepared to respond swiftly and effectively, minimising the impact and preventing recurrence.