Fraud schemes and scenarios

There are many types of fraude few are listed below, to read the detailed guidelines about fraud detection go to the following website.

http://internalauditworkingpapers.weebly.com/fraud-detection-guide.html

Fraud Schemes/Scenarios and Definitions:

Benefits Fraud:
Encompasses the receipt of benefits by employees that are not eligible, dependents of employees that are not eligible, or the receipt of benefits beyond their departure date from the company.
Bid Rigging: This scheme occurs when an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.  This may include related party transactions and vendor kickbacks, among other frauds.
Check Fraud: Check fraud includes the use of technology to design/reproduce bank checks and simple check forgery. Check Theft: This scheme involves interception of a valid disbursement prior to delivery to the rightful recipient. Collateral or Records Management: Employee could use titles to secure other/personal debt.
Concealment of Investing Activity: This scheme involves the failure of personnel to report investing activity for inclusion in the financial statement preparation process. Disguised purchases: This scheme involves the utilization of company funds to make non-company related purchases.  The purchase may benefit the employee or another party and is intended to have the appearance of a purchase made in the normal course of business.

http://internalauditworkingpapers.weebly.com/fraud-detection-guide.html