We get most of our information about business fraud after someone is arrested or a company is publicly exposed in the media. 

Most business fraud is never exposed.

Types of Business Fraud:

Embezzlement, corruption, bribery, investment scams, accounting fraud, financial reporting fraud, divorce fraud, skimming, hiding assets, corporate and personal identity theft 

What is Fraud?

Fraud has become the accepted term to describe how to steal money using information and a smile as a weapon.  Committing fraud requires deception, abuse of trust and a cover up.  Suspecting and detecting that cover up is the hard part.  Accepting that you have been a victim comes next. 

Fraudulent creativity seems boundless. 

Why Do We Know So Little About Business Fraud?

We hear about the huge public ones.
But, we rarely learn about the  private ones. 

Fraud on Wall Street makes headlines. 

Fraud on Main Street is largely unreported or even disclosed.

  Victims of fraud will rarely mention their misfortune to others. Being defrauded is often embarrassing to the victim.  It can be very embarrassing. 

Describing how you were defrauded can be most uncomfortable.

Most victims of fraud suffer twice -- first from their financial loss and again from being too embarrassed to report it.

It is natural to report to police that you were robbed at gunpoint.  It is harder to admit and have to prove that you were conned or duped.  The victim of fraud is also being robbed, but not at gunpoint.

We feel that reporting acts of fraud or deceit occurring at work may end with being demoted, stigmatized or even fired.  
Whistle blowing is a lonely, risky yet heroic act.

Copyright 2008 Alex Kwechansky
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