When Ciroma Chukwuma Adekunle was employed eighteen (18) months ago by Future Motors as a technical engineer in charge of its latest designs, the HR manager had relied on the relationship he had with his friend who had referred Ciroma. He was asked to provide his resume to ensure he met the basic qualifications. The interviews were conducted, and the contracts signed in time for the project commencement.
Eighteen (18) months down the line and two (2) months to the product launch however, the company needs to get approval from the regulators and thus has to submit the credentials of the engineers who worked on the project. The credentials of Ciroma, the team lead, was especially most important. The HR manager has been asking Ciroma via emails for his credentials for close to three (3) weeks but Ciroma has been giving different excuses. All the excuses could however, not be substantiated.
Could it be that Ciroma didn’t have the credentials to back up his resume? Could this be a case of credentials fraud?
After an investigation was conducted, it was discovered that Ciroma did not have the credentials he claimed to have in his resume and has thus engaged in a fraud against the company. The HR Manager who should have checked before giving Ciroma a contract also failed in his responsibility.
Fraud is the deliberate attempt to secure unfair or unlawful gain or to deprive a victim of a legal right. It can be a civil wrong or a criminal wrong. It may not result in loss of money, property or legal right but still be an element of another civil or criminal wrong.
|Cases considered as fraud:
1. False representation
2. Failure to disclose information or transactions
3. Collection of cash from clients
4. Abuse of position
7. Misappropriation of company asset/ information
8. Undue disclosure of official activities or information.
9. Dishonest use of funds
10. Bribery and Corruption
11. False reporting and data manipulation
12. Forgery/ falsification of information
13. Any fraudulent third-party activities leading to loss to the firm e.g. false procurement claims
Protecting yourself against fraud
1. Enable Strong Passwords on Devices
2. Use Secure Network Connections
3. Install Apps only from Trusted Sources:
4. Keep Login Credentials Secure
5. Create a Unique Password for Digital Wallet
6. Don’t pounce too quickly on online deals
7. Avoid data manipulation/forgery
8. Avoid giving or collecting bribes
9. Avoid any fraudulent collusion
10. Be honest in your dealings at all times
Please Note: These lists are not exhaustive but are meant to serve as a guide.
What to do when you identify fraud [Whistleblow]
Report all genuine concern to the relevant authority. Whenever you suspect fraud, simply whistleblow.
Whistleblowing is the act of drawing the attention of an authority figure, to perceived wrongdoing, misconduct, unethical activity of individuals or institutions. Whistleblowers can choose to remain anonymous and must be protected.
You can make use of any of the following ARM whistleblowing channels:
- The whistleblowing platform on the ARM website (here)
- OpRisk Manager
- The dedicated phone line – 0700WHISTLEBLOW (070094478532569)
Fraud prevention is everyone’s responsibility.