Types of Fraud Page 11 of 27

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FACILITY TAKEOVER
FALSE ACCOUNTING FRAUD
FIXED LINE FRAUD
FRAUD RECOVERY FRAUD

S/N TYPES OF FRAUD DESCRIPTION RECOMMENDED RESPONSE
 50 FACILITY TAKEOVER This happens when an individual poses as a genuine account holder or customer and as such gains control of the account and makes an unauthorized transaction. Report to:
1. Financial Institution
2. Economic and Financial Crimes Commission
51 FALSE ACCOUNTING FRAUD This occurs when there is a misrepresentation as to the true nature of a company’s financial state. It is either the company’s assets are overstated or its liability understated to make such company appear financially stronger than it is. Report to:
1. Corporate Affairs Commission
2. Financial Reporting Council of Nigeria
3. Nigeria Police Force
52 FIXED LINE FRAUD This occurs when fraudsters gain access to the switchboard and sell to other people. Report to:
1. Nigeria Communication Commission
2. Nigeria Police Force
53 FRAUD RECOVERY FRAUD A fraudster poses as a legitimate organization or agency that can help a victim of fraud recover what they have lost. The victims are then asked to pay a certain fee to either start the investigation or speed up the recovery process. Report to:
1. Economic and Financial Crimes Commission
2. Nigeria Police Force

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