Understanding the subject of financial fraud is vital to any of your staff especially if they have any financial responsibilities within your organisation. By knowing what it is, they can be on the look-out for it in their daily workload and dealings with external customers. It is also something to consider as an employer for their personal development and safety. Being aware of this area will be key to keeping them safe from financial fraud when in their life away from work.
Financial fraud is any situation where the legal or ethical management of financial resources does not take place. Employees could face this in a number of ways so having knowledge about it beforehand could well save them from any nasty surprises!
We are offering a workshop on the topic of fraud which gives an overview as well as the information around first, second and third-party fraud. In a nutshell, first-party fraud occurs when a person or group of people open accounts or gain credit but use false personal information to do so during the application process. The aim is to access money with no intention of ever paying it back. Many organisations have to keep a real eye out for this if they are in a sector that is vulnerable such as banking.
Second-party fraud is done to someone by persons known to them. This is a more personal issue as it will usually involve examples of crimes such as a friend stealing bank login details to then take money out of their bank account. Third-party fraud is perpetrated by someone the victim doesn’t know at all. Similar to second-party fraud, the criminal will have somehow gained personal details and will use them to obtain the victim’s money or even personal identity.
If you feel your staff would benefit from learning more about this area of financial management to protect them at work and home, then get in touch today. Our 1-hour workshop can be delivered either on-site or via a webinar and will give them all the information they need to stay safe.