Technology is always portrayed as being a young person’s game, something that can clearly highlight the generation. Indeed, there can be little doubting that today’s youth take to technology like the proverbial duck to water.
However, it would appear that this is having an effect on the rise of fraud cases, with new figures from the financial services industry revealing that in the first half of 2014, fraud committed by those aged 26-35 rocketed by 285 per cent in comparison with the same period of 2013. And with an upturn in fraud cases comes an increased need for forensic accounting.
As IT becomes an increasingly pivotal part of business and the younger generation become ever more technologically advanced, it is inevitable that young people will have a more prominent role in online fraud. The figures suggest a shift in profile of fraudsters from rogue executives to younger people funding extravagant lifestyles.
Whatever the motive and whatever the demographic of the offenders, fraud is a major risk for businesses of all shapes and sizes. As a simple example, should a fraud – whether within the company or externally – start siphoning off very small parts of every business transaction they can amass huge amounts over time before someone eventually realises what is happening.
In instances such as this, the experts at Frenkels Forensics are able to create a forensic accountancy report that outlines the extent of the fraud. Moreover, with IT experts on hand, we have the skills to analyse, locate and recover the electronic data concealing the crime. Plus, importantly, the fraud investigation can be conducted discretely to ensure the guilty party is not able to cover up their tracks or flee before justice is done and money is reclaimed.
For help in uncovering complicated and often technology-based fraud contact Frenkels Forensics for an expert and independent appraisal. We can help assist individuals, companies, lawyers, barristers and accountants in discovering the extent and method of the fraud.
Alternatively, if you’re looking for advice in any aspect of forensic accountancy, then do get in touch via Twitter, Google+, LinkedIn or by visiting our website www.frenkels.com.
By Vitek Frenkel – find me via Google+.