Posts

PAYABLE ON DEATH (POD)

-
Image
  WHO IS AFRAID OF PAYABLE ON DEATH (POD)? There are indications that a sizable percentage of the dormant bank accounts belong to individuals who died without leaving clear arrangements on how relatives and other beneficiaries could easily access the funds in their accounts. In a video, which has since gone viral, a young individual came up with what he described as a simple solution to the above scenario. He advises any depositor to simply approach his bankers and demand the Payable On Death (POD) form, which upon completion, would make it possible for his named beneficiary or beneficiaries to gain access to the fund in his account upon his death without going through the complexities of the probate route. Expectedly the video has generated interest and questions with many making enquiries on how to integrate the POD option into their banking transactions. WHAT IS A POD? Payable on Death (POD) is defined as an arrangement between a bank and a client that designates beneficiaries t...
Read more

TRIANGLES: RISK TRIANGLE vs FRAUD TRIANGLE

-
Image
  RISK TRIANGLE Crichton's risk triangle of hazard, exposure, and vulnerability is commonly used to show the relationship that leads to risk. This plays a vital role in illustrating the link between threats to assets, their exposure to these threats, and vulnerabilities that could be exploited by threats. A risk is the potential that a given threat will exploit vulnerabilities of an asset or group of assets to cause loss or damage to the asset. Generally, a risk is any event, occurrence, or action that may prevent an organization from realizing its ambitions, plans, and goals. A risk arises from three conditions called risk factors, namely the  existence of a threat (hazard),   exposure of an asset to that threat  and  the vulnerability in the asset . A threat transforms into a hazard when presented with an opportunity to utilize an asset’s existing vulnerability. In this case, a hazard is a single event or series of events characterized by the magnitude and lik...
Read more