Fraud can be defined as the use of deception with the intention of obtaining an advantage, avoiding an obligation or causing loss to another party.
Although there are many types of fraud, the following – although not exclusively restricted to technology based issues – nevertheless rely heavily on remote communication (often via the internet) to further the aim of the fraud.
Required
Distinguish between computer assisted fraud and computer related fraud, and describe and explain each of the following types of fraud:
§ false billing,
§ financial (funds) fraud,
§ advanced fee frauds, and
§ identity theft.
Briefly explain the strategies a company could adopt to minimise the potential impact of fraud on its commercial and business related activities.