Fraudsters Prefer Cash Because it's Virtually Untraceable

Fraud perpetrators take whatever they can get their hands on. But fraudsters prefer cash because it’s virtually untraceable. Fortunately, fraud experts have the expertise and tools to trace even cash-based theft. Multiple opportunities According to the Association of Certified Fraud Examiners, there are three main categories of cash fraud, which includes checks because they’re easily converted to cash: theft of cash on hand, theft of cash receipts, and fraudulent disbursements. Fraudulent disbursements comprise many of the most frequently executed schemes, such as over-billing and “ghost” employee schemes. Over-billing vendors usually submit inflated invoices by overstating the price per unit or the quantity delivered. A dishonest vendor also might submit a legitimate invoice several times. Over-billing may involve collusion with employees of the victim organization, who typically receive kickbacks for...