openPR Logo
Press release

Smith Bernards & Associates Talk About Mitigating Fraud For Businesses Internally.

03-31-2021 02:40 PM CET | Politics, Law & Society

Press release from: Smith & Bernards Associates

Smith Bernards & Associates Talk About Mitigating Fraud

Michael Davis Head of Business Law at Smith & Bernards Associates Law Firm Talks at local seminar about mitigating risk of fraud in the workplace

Periodically, the latest major fraud hits the headlines as other organisations sit back and watch, telling themselves that ‘it couldn’t happen here.’ But the reality is that fraud can happen anywhere. While only relatively few major frauds are picked up by the media, huge sums are lost by all kinds of businesses as a result of the high number of smaller frauds that are committed.

Surveys are regularly carried out in an attempt to estimate the true scale and cost of fraud to business and society. Findings vary, and it is difficult to obtain a complete picture as to the full extent of the issue, but these surveys all indicate that fraud is prevalent within organisations and remains a serious and costly problem. The risks of fraud may only be increasing, as we see growing globalisation, more competitive markets, rapid developments in technology, and periods of economic difficulty.

Among other findings, the various surveys highlight that:
• organisations may be losing as much as 7% of their annual turnover as a result of fraud
• corruption is estimated to cost the global economy about $1.5 trillion each year
• only a small percentage of losses from fraud are recovered by organisations
• a high percentage of frauds are committed by senior management and executives
• greed is one of the main motivators for committing fraud
• fraudsters often work in the finance function
• fraud losses are not restricted to a particular sector or country
• the prevalence of fraud is increasing in emerging markets.

Despite the serious risk that fraud presents to business, many organisations still do not have formal systems and procedures in place to prevent, detect and respond to fraud. While no system is completely foolproof, there are steps which can be taken to deter fraud and make it much less attractive to commit.

Smith & Bernards Associates
320 Park Avenue - 31st Floor, New york, NY 10022, USA
https://smithbernards.com
contact-us@smithbernards.com
+1332-456-0692

Our firm has a team of attorneys, consultants and others with more than 100 years of combined experience in the securities industry and in securities law. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through The Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Smith Bernards & Associates Talk About Mitigating Fraud For Businesses Internally. here

News-ID: 2263861 • Views:

More Releases from Smith & Bernards Associates

Smith & Bernards Associates on how the pandemic is spurring new financial regulations
Smith & Bernards Associates on how the pandemic is spurring new financial regula …
The COVID-19 pandemic pushed banks and credit unions to fast-track digital transformation plans as consumers nationwide stopped visiting branches and ATMs, and suddenly shifted to digital and mobile banking options. Many banks have navigated this transition successfully. The pandemic has exposed shortcomings in both security and technical infrastructure across the financial sector. Cybersecurity threats and fraud have surged during the pandemic. Organized crime rings and fraudsters around the world saw the
New State Requirements for Certain Investment Advisers and Solicitors at Smith & Bernards Associates
New State Requirements for Certain Investment Advisers and Solicitors at Smith & …
New and amended rules will go into effect in New York that require certain individuals associated with investment advisers to register with the state and to meet examination requirements. With respect to investment advisers registered with the Securities and Exchange Commission (SEC), these new registration and examination requirements will only apply to individuals who meet the federal definition of an "investment adviser representative". In addition, New York will now impose registration and
Smith & Bernards Associates adds leading finance lawyer to New York office
Smith & Bernards Associates adds leading finance lawyer to New York office
Financial law firm Smith & Bernards Associates is pleased to announce that Christian Millard has joined the firm’s Finance practice as a partner in New York. Millard joins the firm from a well known NY Firm, where he was special counsel. He advises leading financial institutions, investment banks, private equity sponsors and corporate issuers in domestic and cross-border offerings of debt and equity securities. As part of his practice, he advises
Smith & Bernards Associates Charge Financial Advisory Firm with Fraud for Stealing Millions from Investors
Smith & Bernards Associates Charge Financial Advisory Firm with Fraud for Steali …
Smith & Bernards Associates today charged former registered representative and investment adviser Shaun Davidson with fraud for stealing from brokerage customers and an elderly advisory client. The Smith & Bernards Associates complaint alleges that Davidson, a financial advisor of a large financial institution, falsified internal documents in order to effect dozens of unauthorized wire transfers, totaling millions of dollars, from the accounts of brokerage customers to his personal bank account.  According

All 5 Releases


More Releases for Law

Crowson Law Group: Top Accident Law Firm in Alaska
Image: https://www.globalnewslines.com/uploads/2025/01/1737359870.jpg Crowson Law Group, a leading personal injury and accident law firm, provides passionate car accident attorneys in Alaska. People injured in an accident require immediate medical care. They can also contact reliable injury lawyers to help recover compensation for their pain and losses. Crowson Law Group is a dedicated personal injury and accident law firm that provides effective legal services in Alaska. The injury firm has been in operation since
Mokolo Law Firm Expands Family Law Services in Houston
Image: https://www.getnews.info/wp-content/uploads/2024/11/1732031280.jpg Houston, TX - Mokolo Law Firm, PLLC, a respected name in the legal community, is proud to announce an expansion of its family law services tailored to meet the diverse needs of families in Houston. The firm is committed to providing compassionate and effective legal representation and is dedicated to helping clients navigate the complexities of family law, including divorce, child custody, and related matters. Mokolo Law Firm recognizes the
Law Assignment Help Australia By Best Law Assignment Writer
As the demand for high-quality academic assistance grows, students across Australia are turning to Law Assignment Writer for the Best Law Assignment Help Services available. Known for delivering expert solutions to complex legal assignments, Law Assignment Writer has earned a reputation as a trusted and reliable partner for law students seeking academic excellence. Leading the Way in Law Assignment Help Law school presents unique challenges, and assignments often require a deep understanding
Nordean Law: Trusted Law Firm Serving Clients Throughout California
Nordean Law is a Personal Injury Law Firm located in Orange County, California, that primarily deals with car accident injuries. We are here to legally protect you and fight to get the justice you deserve. We understand that you and your family have been through a traumatic event. Our Orange County law firm exclusively represents people injured in car accidents, truck accidents, bicycle accidents, wrongful death, motorcycle accident, and pedestrian
Law School Legal Clinics Market Size And Forecast (2020-2026)| With Post Impact …
This report studies the Law School Legal Clinics Market with many aspects of the industry like the market size, market status, market trends and forecast, the report also provides brief information of the competitors and the specific growth opportunities with key market drivers. Find the complete Law School Legal Clinics Market analysis segmented by companies, region, type and applications in the report. The report offers valuable insight into the Law School
Oberheiden Law Launches Truck Accident Law Firm
DALLAS, TX - September 16 -Oberheiden Law is delighted to announce the expansion of its practice to include wrongful death and personal injury claims from truck accidents. The firm is expanding in response to rapidly increasing personal injury claims and litigation in the recent past. To support this growth, the firm is pleased to announce a new addition to the team of senior attorneys. James S. Bell will be working alongside