Internal fraud and the credit business

Article Abstract:

Experts trace the root of employee fraud to job dissatisfaction and in some cases, a theft-conducive situation. According to criminologist Donald Cressey, three conditions usually exist before employee theft occurs: a financial need that cannot be disclosed, access to the company's money and the capability to justify these illegal activities. This ability to rationalize the crime is commonly generated by the corporate culture itself. Internal thefts are discovered through tips and complaints, through auditing processes, and through the greed and negligence of the perpetrator. These white collar crimes can be prevented by setting a good example and by recognizing clues that theft is being committed: changes in lifestyle and in attitudes, lost documents, poor internal controls and complaints by clients. Being aware of the fact that employees are capable of theft is the first step in effectively preventing and detecting these crimes.

Crimes against, Prevention, Employee crimes

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Mapother's bankruptcy strategies - four years later

Article Abstract:

William R. Mapother's guideline for creditors for handling debtors that are filing for bankruptcy has achieved great success despite criticisms and apprehensions by some credit companies. The dominant concern of Mapother's strategy focuses on unsecured credit because this is the area where lenders are most vulnerable. When reviewing and evaluating unsecured bankruptcy accounts, the consultant separates Chapter 7 and Chapter 13 filings. The former is then classified into three classes: good, bad and fraudulent. Under Mapother's credit program, good Chapter 7 debtors who willingly repay their debt incurred before bankruptcy filing are guaranteed credits in the future. On the other hand, Mapother encouraged the pursuit of fraudulent accounts putting in mind to limit expenditure on legal fees. Despite fears of legal risks and financial loss, Mapother's strategy has gained widespread approval as a result of its success.

Management, Evaluation, Beliefs, opinions and attitudes, Debtor and creditor, Commercial credit, Mapother, William R.

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Committee report

Article Abstract:

No major legislative developments affecting the credit industry occurred during the first few months of 1997 although many new bills are expected to be launched at the state as well as the federal level in the middle part of the year. Meanwhile, many industry members are still weighing the likely impacts of the amendments made on the Fair Credit Reporting Act on Sep. 30, 1996. The Legislative Committee of the International Credit Assn. intends to cover these issues as well as the subject of privacy, which also concerns issues of accuracy and fairness. The topic of privacy is shaping to become one of the greatest challenges facing the credit sector as the new millenium approaches.

Commercial Banks, Commercial Banking, Bank Credit Cards, Nonbank Credit Card Firms, Credit Card Issuing, Laws, regulations and rules, Political activity, Nonbank credit card services, Credit and debit card industry, Credit card industry, International Credit Association

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