| Fraud Prevention and Detection Services (888) END-FRAUD |
| FRAUD TERMINOLOGY (2 of 3) |
| Occupational Fraud may be defined as: “The use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets”. “Occupational fraud schemes can be as simple as pilferage of company supplies or as complex as sophisticated financial statement frauds. All occupational fraud schemes have four key elements in common. The activity: 1. Is clandestine 2. Violates the perpetrator’s fiduciary duties to the victim organization; 3. Is committed for the purpose of direct or indirect financial benefit to the perpetrator 4. Costs the employing organization assets, revenue, or reserves.” |
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