Costly cybercrime fraud, value this year to surpass RM1.1bil of last year - Here are some handy hints

Cyber Security Malaysia chief technology officer Dr Solahuddin Shamsuddin  said “Actually, to fight this type of cyber-crime is simple – just increase the awareness of people to more careful and vigilant in following the links sent to their e-mail accounts.

“If you receive a suspicious e-mail, never try to click on the link provided. On the other hand, the public should go to their banking sites independently by typing website address themselves.

“They could also click on the padlock icon on the browser to ensure the certificates and domain address really belong to the bank,” he said.

For more read: http://www.thestar.com.my/Business/Business-News/2013/10/23/Costly-cybercrime-fraud-Value-this-year-expected-to-surpass-2012s-RM11bil.aspx

Why We Do What We Do: The ACFE’s Global Fraud Survey

"The average corporate fraud lasts up to 18 months before detection and involves more than $140,000.” - Walt Pavlo, “Forget NSA Surveillance, Your Company is Watching You," Forbes.com, June 26, 2013

"Research shows that worldwide, payroll fraud comprises 8.5 per cent of occupational fraud and costs an average of £46,195 per payroll fraud case." - UK National Fraud Authority, Annual Fraud Indicator, March 2012

"… It's not surprising that fraud in the workplace increased during the economic crisis and recession. The median loss tied to occupational fraud is $160,000 … so the issue is something about which many companies are rightfully concerned. Small businesses are especially vulnerable." - The Huffington Post, June 5, 2012

Read more at: http://www.acfeinsights.com/acfe-insights/2013/10/17/why-we-do-what-we-do-the-acfes-global-fraud-survey.html

4 Kinds of Fraud That Could Destroy Your Business

Some true stories that highlight four common types of fraud for business owners and ways they can be avoided.

http://www.entrepreneur.com/article/227689#

Virus targets the social network in new fraud twist

(Reuters) - In the world of cyber fraud, a fake fan on Instagram can be worth five times more than a stolen credit card number.
http://www.reuters.com/article/2013/08/16/us-instagram-cyberfraud-idUSBRE97F0XD20130816

SMEs leave fraud door wide open

An increasing number of SMEs are failing to protect themselves against the risks of employee fraud, according to accounting and advisory firm William Buck.
Leo Tutt, head of the firm’s audit focus group said many SMEs were overlooking basic control procedures, leaving the door open for opportunistic employees.

Read more at:
http://www.insurancebusinessonline.com.au/news/smes-leave-fraud-door-wide-open-178011.aspx

"Inside the Fraudster’s Mind" - Dr Joseph T Wells' award winning article

Dr. Joseph T. Wells, CFE, CPA, has received the 2013 Outstanding Contributor Award from Internal Auditor magazine. The article is cited for its "outstanding quality, clear presentation of ideas, practicality, and relevance to the continuing practice of internal auditing."

Read it at:
http://www.theiia.org/intAuditor/feature-articles/2012/april/inside-the-fraudsters-mind/

Emerging Threat to Data Security - Storing Data in the Shadows & on the Cloud

In the rush to embrace developing technologies, organizations and their employees often unwittingly increase the risks of data loss. The convergence of cloud computing and powerful employee mobile devices means the goals of securing sensitive data and maintaining regulatory compliance are becoming more difficult. Many employees today incorporate personal devices into their daily work routine, often storing precious company documents on the same smart phones that access various social media apps, and are routinely left in movie theaters, taxis and restaurants.

Read more at:
http://www.acfe.com/fraud-examiner.aspx?id=4294978987