What are the common fraud allegations?

Fraud refers to any illegal or dishonest activities conducted by a company or individual. Fraud gives companies an unfair advantage. A number of different schemes may constitute as fraud. If you are facing fraud allegations in Pennsylvania, then odds are you are facing allegations of a common few. According to Forbes, small businesses lose about $154,000 due to fraud. To be aware of the loss fraud can cause, you need to be aware of the frauds threatening businesses.

Payroll schemes can occur in a multitude of different ways. On one hand, an employee may ask for pay advances and never pay it back. Other employees may lie about the hours that they work. Some may even go as far as to have their colleagues clock in for them.

Money fraud involves counterfeit cash. Most counterfeit cash is in high valued money. The bills are generally 100s, rather than smaller bills. This means that a business can lose more money through counterfeit. It is crucial that a business can tell apart counterfeit bills. Companies can look for watermarks, micro-printing, color-shifting ink, raised printing and other inconsistencies with bills.

Identity theft is major when it comes to business fraud. This can cost a business thousands of dollars and can have serious consequences in the eyes of the law. Identity theft involves using another person’s financial statements, federal tax identification numbers to access finances. Some fraudsters use digital means to commit fraud. For instance, phishing scams are a very common route for fraudsters to take.

None of the above information is intended to be legal advice. It is for educating on common fraud allegations.