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Computer Fraud

Computer Fraud and Computer Crime

A major factor in the rise in corporate computer fraud and computer crime is the fact that most companies have failed to establish sufficient security policies, procedures and controls on their overall technology infrastructure, interconected networks and critical application systems.  In addition, because of down/right sizing, process re-engineering and other efficiency moves, existing internal controls may become ineffective to deter insider abuse. 

Disgruntled employees and other insiders pose the highest threat to corporations.  These individuals usually know what controls are in place, and may have the ability to circumvent these controls or exploit weaknesses foundin applications,systems and networks. 

• Establishing phony accounts. 
• Draining established accounts.
• Changing ownership of assets or shipping assets to false addresses. 
• Purchasing assets for private use, 
• Creating phantom sales transactions, 
• Giving individuals personal credentials or rewards, they have not earned. 

• Intentional alteration or destruction of data.
• Destructive introduction of computer viruses orother harmful code.
• Direct attacks to information systems and networks making it unavailable tolegitimate users.

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Corporate and computer fraud briefing. 

Although corporate and computer fraud is increasing at alarming levels, only few companies have in place effective policies, procedures and controls to prevent and deal with internal and external fraud situations. Loses due to fraud exceed billions of dollars however, the majority of fraud cases never end in court or are made public.  Most of the organizations victim of fraud, to prevent bad public exposure, loss of reputation, loss of confidence from share holders within others, prefer not to pursue the legal venus to prosecute and recover losses resulting from fraudulent activities. 

Due to the fast spread of new emerging technologies (Interconnected Networks, Inter/Intranet, e-Commerce, etc.) corporate fraud have become more complex, more sophisticated and more international.  For this reason, it is very important that companies pay more attention to the risk which fraud presents to both corporate image and stake holder value. Companies that fail to develop comprehensive policies and procedures to manage the risk of fraud can not respond effectively whenever a fraud occurs.

How Way2Go Consulting deal with corporate and computer fraud? 

It is the commitment of Way2Go Consulting to assist organizations in: 

• Defining and documenting a company ethic/fraud policy addressing company expectations from employees, customers, suppliers and stake holders. 

• Evaluating the effectiveness of existing policies, procedures and controls. 

• Identify existing and future fraud risks and exposures and alert management on the existence of possible frauds. 

• Assist Personnel Management in the development of effective policies, standards and procedures for the recruitment of new personnel and existing personnel. 

• Assist in the development of policies, standards and procedures to facilitate internal and external fraud related investigations. 

• Research, evaluating and recommending monitoring tools to proactively detect and prevent fraud exposures. 

• Provide training to directors and senior managers on how to identify and monitor these fraud risks and handling fraud situations. 

• Provide training to company employees on how to identify, communicate and handling uncovered fraudulent activities. 

• Assist senior management in the development and establishment policy to encourage the reporting of fraudulent activities and protect the 'whistleblowers'?

• Assist senior management in the establishment of a divisions to deal exclusively with violations of established code of ethics and handling investigation related to fraudulent activities. 

• Perform periodic reviews and follow-up to ensure that established anti-fraud policies and procedures are being effectively enforced. 

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Computer Fraud and Abuse Act 

Originally passed in 1984, and amended in 1986, 1994, and 1996, the Computer Fraud and Abuse Act, 18 U.S.C. § 1030, protects a broad range of computers that facilitate interstate and international commerce and communications.  For example, section 1030(a)(2) makes it a crime to access a computer without or in excess of authority and obtain (1) financial information from a financial institution or credit reporting company; (2) any information in the possession of the government; or (3) any private information where the defendant’s conduct involves interstate or foreign commerce.  Section 1030(a)(5) makes it a crime for anyone to knowingly cause the transmission of a computer program, information, code, or command, that results in unauthorized damage to a protected computer.  (A "protected computer" is one used exclusively or partly by the United States or a financial institution in which the defendant’s conduct affects the government’s or financial institution’s operation of the computer; or any computer that is used in interstate or foreign commerce or communications, see 18 U.S.C. § 1030(e)(2).) 24. 

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