Sat. Jun 10th, 2023

Internal frauds and scams are a huge problem. They may cause companies to lose millions of dollars yearly. Generally, these fraudsters are so clever that they go uncaught; as a result, companies become targets of retribution. 

The Association of Certified Fraud Examiners (ACFE) reports are showing the continued statistics of losses. Companies face nearly five percent of revenue losses at the hands of fraudsters. Each case has a unique underlying story.

Fraud Types:

Companies find it challenging to expose and prevent so many different types of scams and frauds. A cheater can find an opportunity to steal anywhere, but it is reported that an excessive amount of fraud occurs in the finance section. To one’s astonishment, these offenders are mostly senior managers.

In 2019, a case of fraud was published in Reuters. It stated that according to PwC findings, a whopping $7.4billion scam was perpetrated on a company named Steinhoff. A group of senior executives made some deals, and it gave them significant profit. It is the largest corporate scandal in US history.

Scams can be divided into five basic categories:

  1. Embezzlement of Assets
  2. Vendor Scams
  3. Accounting And Payroll Scams
  4. Data Theft
  5. Bribery And Corruption

Let’s discuss them briefly.

Embezzlement of Assets:

Asset embezzlement is an umbrella under which many fraud schemes may fall. To simply put it this way, it is a theft of an organization’s assets. Scammers often don’t work alone, and phone number hacker apps can list the details of their collaborator. Asset embezzlement include;

  1. Cheque Forgery and Kiting
  2. Cheque Tampering
  3. Inventory or Cash Theft
  4. Theft of Services
  5. Expense Reimbursement Fraud
  6. Expense Account Fraud
  7. Procurement Fraud
  8. Payment Fraud
  9. Workers’ Compensation Fraud
  10. Health Insurance Fraud
  11. Commission Fraud

Preventive Measures:

  • Background checks of new employees.
  • Hack number of suspicious contacts in the employee contact list and run a background check.
  • Separate cheque signer and preparer functions.
  • Rotation of account employees.
  • Random audits.
  • Shred invalid cheques.
  • Implement an anonymous complaining system to report theft. 

Vendor Scams:

Vendor scams are also widespread. Sometimes vendors trap employees in their mischievous plans, and they end up being an accomplice to the vendors. You can monitor the company-owned mobiles to check employees’ contacts and check if they are in touch with the vendor. The best android spy app TheWiSpy can be helpful in secretly checking the contact details.

Examples of frauds done by vendors are below mentioned;

  1. Billing Programme
  2. Bribery and Kickbacks
  3. Tampering with Cheques
  4. Overbilling

Preventive Measures:

  • Checks on vendor payments.
  • Random audits on vendors.
  • Use a hidden spy app to check the contact list of employees.
  • Verify vendor’s business;
    • Name
    • Phone number
    • Postal address
    • Bank details
    • Tax information
  • Reveal anomalies with data mining processes.
  • Vendor and employee address comparison.
  • Double review of vendor management file.
  • Check billing volume.

Accounting And Payroll Scams:

To cover the trails of their theft, employees usually manipulate the company accounts. 

The payroll scams take place in the payroll systems. Payroll scams are the most common of them all. 

ACFE states that 27 percent of businesses suffer from this scam, and they carry on for at least 36 months before they are caught. For small businesses, these scammers are problematic as they have minimal checks and balances. Therefore, it is best for them to install the phone number hacker applications on company-owned mobiles and keep a check on your employee’s contact list if anything suspicious comes up.

Accounting scams include;

  1. Larcenies by a person in charge of accounts
  2. Fake Supplier
  3. Personal Investment
  4. Double-Check Scam
  5. Accounts Receivable Fraud

Payroll scams include;

  1. Ghost Schemes
  2. Down payment Fraud
  3. Roster Fraud
  4. Paycheck Theft

There was a case of a forged bank statement by the branch manager. He made friends with the customer and instilled the climate of trust in the bank. He took out the money from the customer’s account and showed a fake bank statement.

Preventive Measures:

  • Implementing strict controls on accounting functions.
  • Split account setting and approvals.
  • Random audits by external auditors on payable and receivable records of accounts. According to ACFE, 1 in every 8 fraud cases are blown up by a third-party auditor.
  • Duties rotation among accounts employees.
  • Mandatory employee vacation.
  • Quarterly reconciliation of payroll and balance sheets.
  • Overtime claims to be approved by supervisors only.
  • Disable the authority of modification in payroll sheets like rates and hours.
  • Ensuring former employees’ removal from payroll.

Data Theft:

A company relying on analytical resources is at significant risk of a data theft threat. It can immensely affect the sales and marketing turnovers. If you find out that your employee has been stealing data, a pre-installed hidden spy app can help you find the person’s details with whom your employee was sharing the information.

Data theft includes the following;

  1. Trade Secret Information
  2. Client List Theft
  3. Theft of Personally Identifiable Information (PID)

Preventive Measures:

  • Limit the copyrighted information to important officials only.
  • Alerts of extensive data transfer/download.
  • Sensitive information access alerts.
  • Install an app in the company cell phone to hack the number of employees’ contact list.
  • Discreet disposal of confidential property from electronic devices as well as physical documents.

Bribery And Corruption:

Bribery is considered a high-profile fraud. It can damage a company’s reputation to the extent that stock prices may fall. Phone number hacker app installed in the employee phone can disclose if high profile people are in their contact list.

It includes;

  1. Bribes
  2. Kickbacks
  3. Shell or Paper Company Scams
  4. Product Substitution

In 2019, college entry fraud made the headlines of the New York Times. In Boston, US, thirty-three parents, including high profile celebrities, were accused of bribing the universities to get their kids admission to undergraduate programs at famous universities like Yale and Stanford.

Preventive Measures:

  • Ensuring a code of ethics is practiced among employees top to bottom.
  • Implement a no-tolerance policy towards bribery and set examples.
  • Training sessions on ethics.
  • Rewarding employees based on their excellent ethical behavior.

One Solution For All:

The companies often neglect the things which need to be addressed on priority. As a result, companies become victims of fraud, and place a fraud management system in action. However, along with investing in heavy-duty tech security systems, you can invest in a more straightforward solution, i.e., installing the best android spy app in the employee mobiles provided by the company.

TheWiSpy app is one solution to all of the above scam and theft problems. If you knew how to hack someone’s phone number is so easy, you would put it on your top priority before starting up a business. Spying possibilities are endless with TheWiSpy app. But the key highlight here is the feature called “hack phone contacts.

TheWiSpy app gives you complete access to the contact details of your target mobile. For example, name, number, email address, or any other provided information saved in the contact list. Hence, the deceiving employee can be caught red-handed, and you can confront them if you find details of opponents saved in their contact list. Of course, this feature will help you from stopping the theft in the first place. But God forbid, if you become a victim of any scam, even after that, this app will help you find the hidden mole in your company.


There are multiple reports of scams and frauds by employees linked with rival contacts or other suspicious persons. A hidden spy app in the company-owned mobiles can help early detection of such cases. 

According to ACFE, 27 percent of financial statement frauds involve higher management.

Get the information on frequently contacted people by your company employee and hack number details in complete stealth mode. An Ounce of prevention is worth a pound of cure!

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