#FraudWeek

Nov 16, 2016

Industry News

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Fraud Week

 

The validity of the stats we provided you with in our previous post, are evident in a case investigated by Uphando. The case involving an employee at an Insurance Underwriting company is a classic example of Procurement Fraud.

The employee allowed for claims that we registered for record-purposes only, to remain dormant for 2-3 months and then manipulated the system to reactivate those closed claims. He bypassed all internal controls for authorization by deleting and manipulating information when sending a file through for payment. These payments were made into a bank account of a non-existing company that the employee had set up. As a result of this, over
R 2, 000, 000 of fraudulent payments were made to the company’s bank account.

The employee had full control over the non-existing company’s bank account, and the money was used to fund his lavish lifestyle.

The investigation of this matter led to successful civil as well as criminal litigation.

Uphando has the skills and know-how to help you. Contact us today!

#ACFE
#FRAUDWEEK
#FRAUDFIGHT


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