Identify theft and corporate espionage is one of the fastest growing form of fraud and can tarnish the reputation of the firm.
Section 97(1) provides that no director or officer of any licensed institution, whether during his tenure of office or during his employment, or thereafter, shall give, produce, divulge, reveal, publish or otherwise disclose to any person any information or document whatsoever relating to the affairs or account of any customer.
Personal Data Protection Bill (Passed by Parliament in April 2010):
Proposed law sets out nine data protection principles governing the collection, use, disclosure, accuracy, retention, access to and security of personal data, Proposed penalties for violating the law will include punitive fines and imprisonment for a serious offense. (To read more, please go to News & Events Page where we upload articles on this issue from newspaper).
Each tonne of paper saves approximately 14 trees, 7,000 gallons of water, 4,000 kilowatts of electricity and 3 cubic yards of landfill space.
Growing awareness to the dangers of unsecured shredding and heightened regulations has driven the growth of the mobile shredding industry. Secured mobile shredding is practiced all over the world, from the United States to Europe, and Singapore to Australia, and it has proven to be extremely beneficial from client’s perspective.
Let’s Protect Our Earth!
MyShred Mobile is aiming to become an environmental-friendly company, while maintaining the strictest security in document handling. In Malaysia, we are amongst the very few private companies who can boast that recycling is amongst our main priority.
Paper is both biodegradable and recyclable. Millions of tonnes of paper are produced each year and is used for a wide variety of products and applications such as office paper, newspapers, envelopes and the packaging of all types of consumer, commercial and industrial goods.
MyShred Mobile aims to encourage individuals and businesses to protect their information and recycle more. MyShred Mobile shredded papers are 100% recycled. We are happy to know that each tonne of paper that we recycle saves approximately 14 trees, 7,000 gallons of water, 4,000 kilowatts of electricity and 3 cubic yards of landfill space.
Facts and Figures
When fraud is detected within a business, there is usually shock and disbelief that a trusted employee who resembles the “person next door” could have done what they are accused of. The initial response is “How could that have happened?” In light of the cost and characteristics of offenders, it is important to develop strategies to prevent or detect business fraud. In order to combat fraud and white collar crime in business, a concerted effort must be exerted by the management of the business, the external auditors, and by all employees of the business.
Everyone must realise that fraud is not a victimless crime. The cost of fraud and theft are shared by all through higher costs and lower corporate profits. A comprehensive strategy for fraud governance is essential if an organisation is to reduce the likelihood and impact of major fraud.
52% of respondents felt that fraud is a major problem for Malaysian business generally.
48% of respondents acknowledged experiencing fraud in their organisation.
What is the estimated loss due to fraud?
42% of companies suffered total losses of RM 10,001 to RM 100,000 to fraudulent conduct in the survey period while 17% suffered losses in excess of RM 1 million (the “survey period” is from January 2010 to December 2012).
Sources for fraud
68% of the frauds were perpetrated internally (non-management employees – 50% and management employees – 18%).
Why does fraud happen?
Inadequate internal controls and collusion between employees and third party were cited as the most common reason giving rise to fraud.
What steps can reduce the possibility of fraud?
68% respondents believed that the most significant initiative to reduce the risk of fraud is through the review of internal controls and 69 % stated by improving security measures.