Startup Funding Espresso Internal Sources of Fraud
Internal Sources of Fraud Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. There are several sources of fraud within a business. Here\u2019s a list of internal sources to review: Identity theft -- the capture and selling of personal information for illegal uses. This is done by fraudsters capturing employee information through bank accounts and tax returns.\xa0 Asset misappropriation -- this is basically theft. This is often through forged checks. Embezzlement -- this is the illegal use of the company\u2019s funds.\xa0\xa0 This is often done by charging personal expenses on the business account.\xa0 Payroll fraud -- this is the misuse of payroll.\xa0 One example is claiming hours that were not actually worked. Employment fraud -- claiming work history that doesn\u2019t actually exist. This comes up in hiring people who claim to have experience that they don't actually have or omitting key information such as criminal history. Set up internal controls in your company to prevent fraud. \xa0 Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let\u2019s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0\xa0 For Feedback please contact info@tencapital.group\xa0\xa0\xa0 Please , share, and leave a review. Music courtesy of .