Frauds in it, Software Development and Management

                      Frauds in it, Software Development and Management

IP fraud: An employee of a software development company sold the source code of the new software developed by the company to its competitors.

Data theft: An employee of an organization sold a CD, suspected to contain confidential data pertaining to the customers of a bank.

Forex fraud: An employee of a leading software company without proper authorization hedged the foreign exchange receivable by the company outside the normal course of the company's hedging process, which resulted in a loss of US$30 million to the company.

Procurement fraud:  Employees of a technology company were sacked for allegedly showing preference to certain vendors/services providers and demanding favors from certain other vendors in lieu of the timely processing of their invoices/bills and the renewals of contracts.

Recruitment fraud: The entire recruitment team of a large IT company was sacked for allegedly accepting bribes from prospective employees and recruitment consultants.

Payroll fraud: An employee of a company drew salary even after six months of leaving the company.

Refund fraud: Employees working in the organization misused their authority and created 30 dummy customer e-mail IDs and embezzled more than US$ 1M, which was supposed to be paid as refund for dissatisfied customers.

Misappropriation of funds: Few employees opened several dummy accounts to transfer the customer funds to these fictitious accounts.