Inhalt

Fraudulent Business

Gbless Amadi

Published by Gbless Amadi, 2023.

While every precaution has been taken in the preparation of this book, the publisher assumes no responsibility for errors or omissions, or for damages resulting from the use of the information contained herein.

FRAUDULENT BUSINESS

Also by Gbless Amadi,

Blood moon

Power Of Riches

Think and Multiply

Fraudulent Business

Table of Contents

FRAUDULENT BUSINESS

Dedication

Chapter One: | The Fraudulent Business

Chapter Two: | Identity Theft Fraud

Chapter Three: | Social Media Scam

Chapter Four: | Social Media Dating Scam

Chapter Five: | Wire Fraud Scam

Chapter Six: | Pyramid Scheme Scam

Chapter Seven: | Investment Fraud

Chapter Eight: | internet Scam

Chapter Nine: | Money Laundering Scam

Chapter Ten: | Organized Scam

Chapter Eleven: | Credit Scam

Chapter Twelve: | Telegram Bombing Scam

Chapter Thirteen: | Instagram Bombing Scam

Chapter Fourteen: | Coding Internet Scam

Chapter Fifteen: | Fake Call Scam

Chapter Sixteen | Fake Voice Note and Fake Video Call Scam

FRAUDULENT BUSINESS

——The Real Scam ——-

CONTENTS:

Preface
Dedication

Chapter One: Fraudulent Business
Chapter Two: Identity Theft Fraud
Chapter Three: Social Media Scam
Chapter Four: Social Media Dating Scam
Chapter Five: Wire Fraud Scam
Chapter Six: Pyramid Scheme Scam
Chapter Seven: Investment Fraud
Chapter Eight: Internet Scam
Chapter Nine: Money Laundering Scam
Chapter Ten: Organized Scam
Chapter Eleven: Credit Scam
Chapter Twelve: Telegram Bombing Scam
Chapter Thirteen: Instagram Bombing Scam
Chapter Fourteen: Coding Internet Scam
Chapter Fifteen: Fake Call Scam

16. Chapter Sixteen: Fake Voice Note and Video Scam

PREFACE

PREFACE

The term "fraudulent business" refers to any type of company or organization that operates in a deceptive or fraudulent manner with the intention of defrauding its customers, investors, or other stakeholders. This type of business may use fraudulent practices to mislead consumers about the quality of their products or services, misrepresent their financial performance to investors, or engage in other unethical or illegal activities to gain an unfair advantage over competitors.

The consequences of engaging in fraudulent business practices can be severe, including financial penalties, legal sanctions, loss of reputation, and even bankruptcy. Moreover, the victims of these fraudulent practices can suffer significant financial losses, emotional distress, and other damages.

This book aims to provide readers with an overview of the concept of fraudulent business and highlight the importance of identifying and addressing these issues in the business world. By sharing examples of fraudulent practices and their impact on consumers and society, this book aims to raise awareness of the risks associated with doing business with fraudulent companies and encourage greater transparency and accountability in the business community.

Scams have been around for centuries, but with the rise of technology and the internet, scammers have become more sophisticated and prevalent. Scammers use various tactics to deceive people into giving them money or personal information, such as posing as a legitimate business or government agency, creating fake websites or emails, and using emotional manipulation.

It is important to be aware of these tactics and to take steps to protect yourself from scams. This includes being cautious of unsolicited emails or phone calls, verifying the legitimacy of a business or organization before giving them money or personal information

Scammers operate by using various tactics to deceive and manipulate their victims into giving them money or personal information. Here are some common ways scammers operate:

Phishing: Scammers send emails or text messages that appear to be from a legitimate source, such as a bank or government agency, asking for personal information like passwords or credit card numbers.
Impersonation: Scammers pretend to be someone else, such as a government official or a tech support representative, to gain the victim's trust and access to their personal information.
Fake websites: Scammers create fake websites that look like legitimate ones to trick victims into entering their personal information.
Investment scams: Scammers promise high returns on investments or offer get-rich-quick

tips to avoid being a victim of fraud:

Be cautious of unsolicited emails, phone calls, or text messages asking for personal information or money.
Do not share your personal information, such as your social security number, bank account number, or credit card information, with anyone you do not trust.
Use strong and unique passwords for all your online accounts and change them regularly.
Keep your computer and mobile devices updated with the latest security software and operating system updates.
Check your bank and credit card statements regularly for any unauthorized transactions.
Be wary of deals that seem too good to be true. Shine Your Eye!!!

Dedication

This book is dedicated to you!

To the victims of fraudulent business – social media scam, social media dating scam, wire fraud scam, telegram bombing scam, coding internet scam, investment fraud etc.

To the victims in America, Asia, Europe, Australia and Africa, this book is for you.

Shine Your Eye!!!

Chapter One:

The Fraudulent Business

fraudulent business practices have been a major challenge facing government institutions, businesses, and consumers worldwide. This phenomenon hurts customers and business; it could also lead to market failures and the financial collapse of businesses. Fraud is described as the intentional application of deception for the purpose of either personal or financial gain. Fraudulent business practices may include tax fraud, mortgage fraud, insider trading, securities fraud, credit card fraud, and other types of fraud. In this chapter, I will delve deeper into fraudulent business practices, its effects, and possible

prevention measures.

Causes of fraudulent business practices:

Fraudulent business practices are caused by a myriad of reasons. Below are some of the main causes of fraudulent business practices:

Greed:

Greed is one of the primary driving forces behind fraudulent business practices. Companies engage in fraudulent activities to make more money, regardless of the impact of such activities on their customers.

Poor control systems:

The lack of proper control systems also contributes heavily to fraudulent practices. Companies with poor control systems are more prone to fraud. These control systems should consist of internal audits, scrupulous accounting procedures, stringent credit approvals, and effective employee screening mechanisms.

CONFLICT OF INTERESTS:

Conflict of interests is a scenario where individuals or groups with competing interests’ clash. In a business setting, when employees or executive members have their individual interest’s contrary to those of the company or customers, it often leads to fraudulent practices.

Lack of transparency:

The lack of transparency in business operations often leads to fraudulent practices. Transparency is a crucial element in business management, and it helps to detect and prevent fraudulent activities.

Lax regulatory system:

A lax regulatory system may also lead to fraudulent practices. When there are insufficient regulatory measures, companies can quickly engage in fraudulent practices without facing any consequences.

EFFECTS OF FRAUDULENT business practices:

Fraudulent business practices have adverse effects on the economy, businesses, and consumers. Below are some of the main consequences of fraudulent business practices.

Financial Losses:

Fraudulent business practices often lead to financial losses. Customers are usually the ones who bear the brunt of such losses. In addition to financial losses, businesses may suffer reputational harm due to such activities.

Diminishing Trust:

Fraudulent business practices negatively affect trust in companies and the industry as a whole. Consumers may lose trust in companies and avoid doing business with them again.

Damage to the Economy:

Fraudulent business practices can also harm the economy. When businesses engage in fraudulent activities, the economy's integrity is undermined, leading to financial losses, job losses, and other economic problems.

Legal Issues:

Fraudulent business practices can lead to legal action against the businesses. Legal actions often result in heavy fines and penalties in addition to reputational harm.

Prevention Measures:

Below are some of the measures that can be implemented to prevent fraudulent business practices:

Establishing comprehensive control systems:

Establishing comprehensive control systems is crucial to preventing fraudulent practices. These systems consist of internal audits, stringent accounting procedures, scrutinizing credit approvals, monitoring employee behavior, and establishing measures to safeguard customer data.

Increasing transparency:

Increased transparency in business operations also aids in preventing fraudulent activities. This transparency must reflect in all areas such as accounting, financial, and management decisions.

Strict regulatory framework:

A stringent regulatory framework that enforces compliance with ethical standards is required to prevent fraudulent practices. This includes imposing severe sanctions and penalties and consistent enforcement of the regulations.

Fraudulent business practices are a menace that affects the economy, businesses, and consumers. The root causes of these

practices include greed, competition, lack of transparency, lax regulatory systems, and poor control systems. The effects of fraudulent activities include declining trust in businesses, financial losses, legal actions, and harm to the economy. To tackle these fraudulent practices, there is a need to implement control systems, enhanced transparency, and strict regulations. With these measures, businesses can minimize the occurrence of fraudulent practices and boost the trust of their customers.

How to check if a company is legitimate

If you are worried about the authenticity of a company, it is always worth checking if they are legitimate before you engage with them.

Fraud is an ever-growing risk with big cost implications and can no longer be written off as a ‘bad experience’ within our digitally enabled world. In recent survey results carried out by the banking trade body UK Finance, it was revealed invoice fraud cost firms almost £93m in 2018. They also stated that from the results of their survey, the average loss per fraud case was £28,000. It is no longer seen as an annoyance for companies to carry out due diligence and enforce compliance measures; it is now a core business issue that companies are stepping up on, and rightly so.

Fraud is a reoccurring risk that can result in loss, so we look at how you can establish whether you can trust a company or should avoid them at all costs.

Check the company's website:

Look for specific things on the company's website that may give away whether or not they are truly legitimate.

Check spelling and grammar:

If you notice poor English or poor grammar used frequently on a website that appears to be trading as a UK company, the company may be based overseas. This should appear as a red flag if the company proclaims it is a local business trading near you for example, therefore investigate further before doing any dealings with them.

Check for a business address and landline number:

Every website should have a business address and a landline for potential customers to get in contact with them. Check

them both, try phoning the company and searching google maps to verify it is an office and not a fraudulent address.

CHECK FOR A PRIVACY Policy:

You should also look for a privacy policy and company history on the site - this may state how long the company has been in operation, their ethical stance and their mission statement. Typically, a privacy policy will also confirm their registered business address and company name, allowing you to do an official company credit search through a trusted credit reporting agency like Creditsafe.

Check for a company number:

This could either sit within a company’s privacy policy or its terms and conditions. Every limited company within the UK has a registered company number, and it should be displayed along with the place of registration on their website as a result of legislation (First Company Law Amendment Directive) that was implemented in 2006.

Check the WHOIS database:

www.who.is allows you to check the domain name registrant information and sometimes confirm a business address and contact name. It will also provide you with useful information like when the domain name was registered so you can understand how long the website has been running. If the website has only recently been registered or the registrant information is protected, this could be a sign that the company is not genuine.

Check official sources:

Check whether the business exists on an official company register such as Companies House or get a detailed report from a credit reference agency such as Creditsafe.

Companies House:

If you are dealing with a limited company then they will be required to list quite a substantial amount of information to Companies House. They would have to register their business there and their annual accounts. Companies House can show you the registered office address, company status, and company type. It can also show you things such as incorporation date and previous company names. You can see who the directors are and persons with significant control. It also allows you to look at individual director’s profiles to see all their previous appointment history.

The Financial Services Register (FCA):

If a company offers financial services or associated products then you should be able to find them through a quick search on this site. If they do not appear on this site but fall into an industry that would need to be regulated by the FCA we would advise you to avoid working with this business.

Run a company credit check:

If you are unsure as to the solvency of a business or want to know if they have the funds or credit to meet your fees then it may be worth running a credit check. Creditsafe is amongst the most popular of all systems and will allow you to check those big contracts and agreements to make sure you do not walk into any trouble.

A company credit report can show you: Company Verification:

Check the company name is registered, the company address, company number, and shareholder information. Where applicable, a company credit report will also show you the company website and the industry code that the company lies within.

Director Details:

Every company credit report will give you director and shareholder details, you are then able to view individual director reports that will display current and previous appointments, including appointment and resignation dates. You can also view those companies’ credit reports whether they are still trading or not.

A Company Credit Score:

Going beyond verifying a business, a company credit report will also provide a company credit score. A company credit score is an algorithm equation (which in Creditsafe’s case) determines the likelihood of a company becoming insolvent in the next 12 months, with 0 being very likely and 100 being very unlikely. The higher the credit score, the more stable the company. As many factors influence a company’s credit score, a change to any of these factors can influence the overall credit score. For example, if adverse payment behavior is filed (such as a CCJ) then this will be taken into consideration and would change the score.

By checking the company credit score you have a basic understanding of how well the company is performing on top of verifying the business. The algorithm does all the hard work for you and provides a baseline answer, but we always recommend looking deeper into a company credit report to make a truly informed decision about a business.

Group Structure:

Being able to view a group structure on a company credit report is another benefit of running a credit check. You will then be able to verify not only the business you are thinking to deal with but also any companies within its group structure. For example, the company you are dealing with could be a sister or child company to a bigger operation.

The group structure aspect of a company credit report allows you

Impressum

Verlag: BookRix GmbH & Co. KG

Tag der Veröffentlichung: 28.06.2023
ISBN: 978-3-7554-4560-9

Nächste Seite

Seite 1 /