77001355090540005774055Wirecard AG Fraud Case StudyACC3FOA
77001355090540005774055Wirecard AG Fraud Case StudyACC3FOA
Rhylee van Merkesteyn - 20351807
7900035000Wirecard AG Fraud Case StudyACC3FOA
Rhylee van Merkesteyn - 20351807
right2300245745
76009800
Question 1 Analysis of Wirecard Using Fraud Theories (335 words)
Wirecard was a leading payment process mainly in Germany but expanding to other regions. They offered their payment processing services globally including credit card payments and online banking services. The company was caught up in a major fraud scandal in 2020 after the Financial Times published an article claiming Wirecard had committed fraudulent activity.
https://www.learnsignal.com/blog/wirecard-scandal-detailed-analysis/#:~:text=Investigation%20And%20Legal%20Proceedings,-As%20the%20investigation&text=Critics%20targeted%20the%20company%27s%20auditor,Stock%20Exchange%20delisted%20its%20shares.
The allegations made in relation to the financial misconduct included Wirecard having inflated their revenue as well as boosting their profits through fraudulent activities. Through the investigation process, it was made clear that Wirecard had in fact engaged in fraudulent activities as it was discovered that millions of euro dollars were missing from the company in the form of both cash and assets.
https://www.learnsignal.com/blog/wirecard-scandal-detailed-analysis/#:~:text=Investigation%20And%20Legal%20Proceedings,-As%20the%20investigation&text=Critics%20targeted%20the%20company%27s%20auditor,Stock%20Exchange%20delisted%20its%20shares.
The fraud triangle theory states that an individual will be more motivated to commit fraud when three specific elements come together. These being some form of perceived pressure, some form of perceived opportunity and; some form of rationalisation that the fraud is not consistent with ones values.
https://www.whistleblowers.org/fraud-triangle/#:~:text=According%20to%20Albrecht%2C%20the%20fraud,being%20inconsistent%20with%20one%27s%20values.
Apply to wirecard case (50 words)
The fraud power model contains four core categories where ten identified types of power have been grouped into. These categories include formal, informal, norm and neglect power. The four categories are a framework that aid research on both fraud models and organisational power. Additionally, firms can then refer to these types of power as fraud risk indicators, assisting them in taking preventative measures.
Apply to Wirecard case (50 words)
Question 2 Effective Whistle Blowing System (200 words)
What is a whistle-blowing program? (50 words)
Why is it effective? (50 words)
Suggest a whistle blowing program and how it would work/be effective? (90 words)
Question 3 Interpretation Using Ratios (250 words)
Ratio 1 list and interpret (50 words)
Ratio 2 list and interpret (50 words)
Ratio 3 list and interpret (50 words)
Ratio 4 list and interpret (50 words)
Ratio 5 list and interpret (50 words)
Question 4 Fraud Detection and Prevention Strategies (300 words)
Describe fraud that occurred in wirecard (50 words)
Detection and prevention strategy 1 (50 words)
Detection and prevention strategy 2 (50 words)
Detection and prevention strategy 3 (50 words)
Detection and prevention strategy 4 (50 words)
Detection and prevention strategy 5 (50 words)
