What is a strategy to combat fraud?

Combating fraud is a journey, not a destination. A robust strategy isn’t a single map, but a constantly evolving atlas. It begins with meticulous reconnaissance: identifying vulnerabilities is paramount. This requires a deep dive into the institution’s operations, charting its internal processes like a seasoned cartographer mapping unexplored terrain.

Think of it like navigating treacherous waters. You need to pinpoint the potential reefs – the weaknesses in your systems where fraud can slip through. This involves:

• Risk assessment: A comprehensive survey of all areas susceptible to fraud, from financial transactions to procurement processes and even human resources.
• Due diligence: Rigorous background checks on personnel, vendors, and partners. Think of this as verifying your guides and ensuring they’re trustworthy.
• Data analytics: Using technology to identify anomalies and patterns indicative of fraudulent activity. Modern tools are our equivalent of advanced navigational instruments.

Once you’ve mapped these potential hazards, the next stage is crucial: evaluating your defenses. Are your existing controls – your fortifications, if you will – strong enough? Are they merely symbolic walls, or robust bastions?

• Control effectiveness review: A systematic evaluation of current fraud prevention and detection mechanisms. This is like inspecting your ship’s hull for leaks before setting sail.
• Strengthening defenses: Implementing new controls or improving existing ones to shore up identified weaknesses. This could be anything from enhanced security protocols to improved staff training – reinforcing your defenses for the journey ahead.
• Incident response plan: Having a detailed action plan in place should fraud occur. This is your emergency protocol, ensuring you can navigate any storm that arises.

Remember, the landscape of fraud is constantly shifting. Regular audits and updates are essential to ensure your strategy remains effective and relevant. Continuous improvement is the key to a successful voyage.

How can we combat fraud?

Combating fraud, especially when you’re a frequent traveler, requires a multi-layered approach. Protecting your online information is paramount. Think of your passwords and financial details as your most valuable luggage – never leave them unguarded. Regularly updating antivirus and anti-malware software on all your devices is non-negotiable, whether you’re in a familiar coffee shop in your hometown or a bustling internet cafe in a foreign city. Many cafes offer free Wi-Fi, but this convenience comes at a price: increased vulnerability. Avoid accessing sensitive accounts on public Wi-Fi networks whenever possible. Consider using a VPN to encrypt your connection and mask your IP address, offering a crucial layer of protection when unavoidable.

If you’re working remotely while traveling, be extra cautious. Never enter sensitive information like banking details or login credentials on public computers. These machines might be compromised with keyloggers, insidious software designed to steal your data silently. Train your team – whether they’re colleagues or freelancers – to adopt the same vigilance. Use strong, unique passwords for every account, ideally managed with a reputable password manager. Remember, the most secure password is useless if it’s written down and easily accessible.

Beyond digital security, cultivate a healthy skepticism. Be wary of unsolicited emails or phone calls requesting personal information. Legitimate institutions rarely ask for such sensitive details through these channels. Before engaging in any online transaction, particularly while abroad, verify the website’s security (look for “https” and a padlock symbol). Regularly review your bank and credit card statements, scrutinizing every transaction for suspicious activity. Early detection is crucial in minimizing potential losses. Proactive security measures are your best allies in staying safe and secure, wherever your adventures take you.

How can you reduce the risk of fraud?

Fraud prevention is like packing for a challenging trip; thorough preparation is key. Think of your data as your valuables – monitor it constantly. Regularly check accounts and transactions for any anomalies; it’s like noticing a suspicious character lurking near your luggage.

Proactive communication with your team is like having a reliable travel buddy. Openly discuss potential risks and share best practices. This shared awareness creates a strong defense against fraudsters.

Strict confidentiality policies are your impenetrable travel documents. Ensure everyone understands the importance of data security; this is similar to using a secure lock for your valuables.

A whistleblower hotline acts as your emergency contact. It provides a safe and anonymous channel for reporting suspicious activity. Having this in place is like knowing exactly where to find help in an emergency situation.

Finally, recruiting carefully is paramount. Thorough background checks and reference verification are essential – much like selecting a trusted tour operator.

• Consider insurance: Just like travel insurance protects against unexpected events, fraud insurance can mitigate financial losses.
• Regular security audits: These are like scheduled check-ups for your “travel itinerary.” They help identify potential vulnerabilities before they’re exploited.
• Employee training: Equipping your team with the skills to identify and avoid fraud is as important as knowing basic travel safety protocols.

What are the 5 pillars of the fraud risk management framework?

Think of fraud risk management as navigating a treacherous, uncharted territory. Just like planning a backpacking trip across the Himalayas, you need a robust strategy to avoid pitfalls and reach your destination safely. The five pillars are your essential survival kit.

Fraud Risk Governance: This is your base camp – establishing clear lines of responsibility, defining policies and procedures, and setting the overall tone at the top. It’s like securing permits and hiring experienced Sherpas; without it, the journey becomes significantly riskier. A strong governance structure ensures everyone understands their roles in fraud prevention, similar to each member of a climbing team knowing their responsibilities.

Fraud Risk Assessment: This is your reconnaissance mission. Before you even set foot on the trail, you thoroughly map out potential dangers: identifying vulnerabilities within your organization, evaluating the likelihood and potential impact of various fraud schemes. Think of it as studying satellite imagery and topographic maps before embarking on your journey.

Fraud Prevention: This is your protective gear – implementing controls to mitigate identified risks. It’s analogous to packing the right equipment: strong ropes, reliable tents, and appropriate clothing. Robust internal controls, strong segregation of duties, and comprehensive training programs are your life preservers.

Risk Detection Mechanisms: These are your early warning systems – establishing processes to detect fraudulent activities. Just as experienced mountaineers carry avalanche beacons, your detection mechanisms include regular audits, data analytics, and whistleblower hotlines. These tools help identify potential problems before they escalate into major crises.

Monitoring & Reporting Risk: This is your ongoing assessment and adaptation. Throughout your journey, you need to continuously monitor conditions and adapt your plans. Similar to tracking weather patterns and adjusting your route accordingly, this pillar involves regular reviews of your controls, analysis of detection data, and timely reporting of any significant findings. It allows for continuous improvement and ensures your system remains effective.

How do you beat fraud?

Conquering fraud is like tackling a challenging mountain climb; it requires preparation, vigilance, and a solid strategy. Awareness is your first base camp – understanding the tricks fraudsters employ is crucial. Think of it as studying a trail map before your ascent.

Fraud protection services are your reliable climbing gear. Employing dual-control is like having a climbing partner – an extra layer of security. Just as you wouldn’t attempt a difficult climb alone, don’t rely solely on one method.

Watch for overpayment fraud; this is like spotting a hidden crevasse. A seemingly generous offer might conceal a dangerous trap. Always double-check payments, just as you’d meticulously check your gear before setting off.

Data backups are your emergency shelter – crucial for recovery after a fraud attack. Having a robust backup is like having a well-stocked first-aid kit; it enables you to regroup and continue your journey.

Controlling access to external drives is like securing your campsite at night. Limiting access prevents unauthorized access and data breaches.

What is the legal remedy for fraud?

Facing fraud? Think of it like navigating a treacherous, unexpected ravine on a hike. You need a rescue plan. Restitution is your first aid kit, patching up your immediate financial wounds – recovering the money lost. Compensatory damages are like getting reimbursed for that emergency gear you had to buy because your original pack was sabotaged (extra costs incurred).

For serious fraud, we’re talking a full-blown wilderness emergency. You’re not just patching things up; you’re calling for backup. That’s where criminal charges come in – the authorities step in, tracking down the perpetrator and potentially preventing future harm to others. Think of it as establishing trail markers to warn others of this dangerous section of the trail.

Important note: Just like different terrains require different hiking gear, navigating the legal system requires expert guidance. Seeking legal counsel is your compass and map – ensuring you get the best outcome. Document everything, just like a diligent hiker keeps a detailed journal of their expedition.

What are the three major factors in fraud prevention?

Think of fraud prevention like conquering a challenging mountain. The Fraud Triangle is your map, highlighting three crucial peaks you must overcome: Motivation, Rationalization, and Opportunity. Motivation is like a steep, icy slope; the climber (the potential fraudster) feels a strong financial need – their base camp is depleted, and they’re desperate for supplies (money). This need fuels their ascent. Rationalization is the treacherous, winding path; the climber convinces themselves the summit is worth the risk – they minimize the consequences, justifying their actions (e.g., “I deserve this,” or “they won’t notice”). Finally, Opportunity is the exposed ridge – it’s the weakness in the security system, the unguarded pass, that allows the climber to reach the summit easily. A weak internal control system is a gaping crevasse, an easily manipulated process is an exposed cliff face. Securing these three key areas is essential to prevent a successful ascent (fraudulent activity). Robust internal controls are like strong ropes and secure climbing gear – essential for a safe and successful expedition.

What are the three pillars of fraud?

So, you’re thinking about venturing into the wild, untamed lands of…fraud? Think again. Before you pack your metaphorical bags, let’s unpack the essential gear: the Fraud Triangle. It’s not as glamorous as Machu Picchu, but just as crucial for your journey’s success (or, in this case, survival).

Imagine the Fraud Triangle as a three-legged stool. Remove one leg, and the whole thing collapses. Each leg represents a critical element: Opportunity, Pressure, and Rationalization.

Opportunity is your access point – like finding that hidden, unmarked trail leading to a secluded waterfall. This is the weakness in a system, the loophole, the unattended gate. Without it, even the most determined fraudster is stymied. Think weak internal controls, lack of oversight, or a poorly secured system – your chance to “borrow” that extra suitcase.

Pressure is the driving force, your reason for taking the risk. Maybe you’re facing financial ruin (a debt so large it feels like climbing Everest without oxygen), mounting pressure from your boss (a demanding trek across scorching sands), or a sudden, unexpected expense (a detour requiring an expensive emergency repair). This is the internal or external force pushing you towards the risky act. It’s like that nagging feeling that you *must* reach the summit, regardless of the dangers.

Rationalization is your justification, the inner voice whispering it’s “okay” to take a shortcut. It’s like telling yourself that one extra souvenir from that market stall won’t hurt anyone – a tiny transgression, easily forgotten. This is the mental gymnastics that allow you to overcome your moral compass, convincing yourself that the risks are worth the potential rewards, despite the potential consequences.

All three must align. Opportunity without pressure is just potential. Pressure without opportunity is frustration. Rationalization without the other two is just wishful thinking. Like any great journey, you need the right preparation, the motivation to pursue it, and a believable story to tell when you return – a story that, in the case of fraud, could land you in serious trouble.

What are the 5 hierarchy of risk control?

As an experienced traveler, I view risk control through a similar lens – prioritizing safety and minimizing potential problems. The hierarchy of risk controls, applicable to both workplace and wilderness settings, prioritizes solutions from most to least effective:

• Elimination: The ultimate goal. Think avoiding a region known for extreme weather or wildlife threats altogether. In a workplace, this could be removing a hazardous chemical entirely.
• Substitution: Replacing a high-risk activity or material with a safer alternative. For example, choosing a well-maintained, established trail over a poorly marked one, or using a less hazardous chemical in a lab.
• Engineering Controls: Physical changes to the environment that reduce hazard exposure. This includes things like sturdy bridges on trails, well-maintained equipment, or installing guardrails on balconies. In the wild, this could be using a sturdy tent with good weather protection.
• Administrative Controls: Policies, procedures, and training to minimize risk. For travel, this involves thorough trip planning, including checking weather forecasts, informing someone of your itinerary, and packing appropriate gear. Workplaces might utilize safety training programs and work permits.
• Personal Protective Equipment (PPE): The last line of defense. This includes things like helmets, sturdy hiking boots, high-visibility clothing, sunscreen, and first-aid kits. While essential, PPE should be considered a backup to more effective preventative measures.

Important Note: Effective risk control often involves a layered approach, combining multiple levels of the hierarchy. For instance, choosing a well-marked trail (engineering and administrative control) and wearing appropriate footwear (PPE) significantly minimizes the risk of injury during a hike.

What are the Defences against fraud?

Convicting someone for fraud requires the prosecution to prove every element of the crime beyond a shadow of a doubt. Think of it like navigating a treacherous mountain pass – every step needs to be secure. Otherwise, you’ll be facing a serious fall. Here are some defenses, like finding alternate routes around those treacherous cliffs:

• Lack of Dishonesty: This is like claiming you were genuinely mistaken about the trail. You believed your information was accurate, even if it turned out to be wrong. Your map was faulty, perhaps, or you misread the signposts. It’s about demonstrating a genuine lack of intent to deceive.
• No Intent to Gain or Cause Loss: This is your strongest defense. It’s like saying you took a wrong turn purely by accident, not with any intention of reaching the wrong summit or causing harm to others. There was no personal gain or malicious intent to inflict financial damage on anyone. The financial implications were entirely unintentional. Consider this your “emergency shelter” in the legal wilderness.

For further insight, consider these analogous scenarios from the backcountry:

• Mistaken Identity (Lack of Dishonesty): You mistakenly picked up someone else’s backpack, believing it was yours. Similar to believing your financial statement was accurate, despite it being based on faulty information.
• Accidental Damage (No Intent to Gain or Cause Loss): You accidentally damage a fellow hiker’s equipment during a fall, incurring costs for them. The damage wasn’t intentional, nor was there any personal gain for you.

Important Note: These are just examples. Successful defense requires expert legal counsel. Don’t attempt to navigate this legal terrain alone; seek professional guidance to chart the safest course.

What are the 6 steps of the NIST risk management framework?

Think of the NIST Risk Management Framework like planning an epic backpacking trip across Patagonia. You wouldn’t just grab your pack and go, right? The framework provides a similar structured approach to managing cybersecurity risks.

Step 1: Prepare: This is like meticulously researching your route, gathering gear, and making sure your passport’s up-to-date. You’re establishing the groundwork – creating a risk management strategy, assigning responsibilities, and defining the scope of your efforts. Think of this as your pre-trip checklist.

Step 2: Categorize: Similar to assessing the difficulty level of your trek – are you tackling Fitz Roy or a gentler hike? Here you identify your systems and data based on their criticality to your organization. This helps prioritize where you need to focus your efforts.

Step 3: Select: Selecting the right gear for Patagonia is crucial – you wouldn’t take flip-flops! This step involves choosing security controls that address the identified risks based on your categorization. This is the “what” of your risk mitigation strategy.

Step 4: Implement: This is the actual hike! You’re putting your chosen security controls into place. It’s about installing software, configuring systems, and training your team. Think of this as setting up camp and navigating the terrain.

Step 5: Assess: Regularly checking your map and ensuring you’re on track is essential. This is the ongoing evaluation of your security controls’ effectiveness. It’s like taking stock of your supplies and adapting to unexpected weather conditions – continuously monitoring and adjusting to changing circumstances.

Step 6: Authorize: Similar to signing off on your itinerary before your adventure, you’re making a formal decision to accept the remaining risk after implementing controls. This is an official acceptance of the current risk posture.

Step 7: Monitor: Even after reaching your destination, you wouldn’t stop paying attention to your surroundings! This continuous monitoring allows for timely responses to newly discovered vulnerabilities and changing threats. It’s about ongoing vigilance and adaptation. Think of it as a post-trip debrief and planning for future expeditions.

What are the 9 elements of fraud?

Having trekked across treacherous landscapes and navigated murky political waters, I’ve learned to spot deception like a seasoned Sherpa spots a hidden crevasse. Fraud, much like a deceptive trail, requires careful examination. Its nine essential components, the hallmarks of a fraudulent deception, are:

• A Material Falsehood: A statement concerning a fact, not opinion or prediction, was made. Think of it like a poorly marked map – misleading and potentially dangerous.
• Materiality: This false statement was significant enough to influence your decision. A small error is a pebble on the trail, but a false claim about the altitude of a mountain pass is a cliff.
• Falsity: The statement made was demonstrably untrue. The trail map claimed a bridge where there was only a raging river.
• Scienter: The person making the statement knew it was false. They deliberately led you astray, akin to a guide deliberately hiding a dangerous path.
• Reliance: You relied on the false statement when making your decision. You trusted the map and followed the false trail.
• Intent: The maker intended you to rely on that false statement. This is the malicious intent – a deliberate attempt to mislead you for personal gain, much like a con artist preying on unsuspecting travelers.
• Injury: As a result of relying on the false statement, you suffered damages. Perhaps you were injured on the incorrect path, or your journey was greatly delayed.
• Causation: The false statement directly caused your injury. The map’s inaccuracy was the direct cause of your problems, not some unrelated event.
• Damages: You suffered a quantifiable loss, be it financial, physical, or reputational. The cost of your injuries and the time lost are real losses resulting from the fraudulent act.

Understanding these nine elements is crucial for avoiding the pitfalls of deception, whether you’re navigating a remote jungle or the complex world of finance. Remember, a deceptive trail always leaves its mark, albeit subtly at times.

What is the 10 80 10 rule for fraud?

The so-called “10-80-10 rule” in fraud prevention isn’t a hard-and-fast law, more a seasoned traveler’s observation of human nature, much like understanding the unpredictable currents of the Amazon or the shifting sands of the Sahara. It suggests a spectrum of ethical behavior within any organization. A hardy 10% are incorruptible, steadfast as the Himalayan peaks. Then there’s the vast 80%, the majority, representing the susceptible middle ground. These individuals, like tourists easily swayed by a compelling local guide, might succumb to the lure of fraud given the right circumstances – a tempting opportunity, a pressing need (motivation), and a convincing excuse (rationalization). Think of it as the difference between a well-charted route and an untamed jungle path; some might stick to the safety of the known, while others are drawn to the allure of the unknown, even if risky. Finally, a hardened 10% are the active predators, always scanning the horizon for opportunities, akin to seasoned smugglers navigating clandestine routes. Understanding this spectrum isn’t just about catching thieves; it’s about creating an ethical environment where the ‘untamed jungle’ is minimized, ensuring safer passage for everyone.

What are the three requirements for consideration?

Consideration, the bedrock of any legally binding contract, isn’t as simple as a handshake in a bustling Marrakech souk. It demands a precise exchange, a carefully calibrated trade across cultural and legal landscapes. Think of it as a three-legged stool, each leg crucial for stability.

First, reciprocal exchange: It’s not enough for one party to simply offer something; both sides must contribute – an act (like painting a house), a forbearance (refraining from suing), or a promise (to pay a sum of money). This is like bartering spices in a bustling Samarkand bazaar – each party brings something of value to the table. You won’t get those exquisite saffron threads without offering something equally valuable in return.

Second, the bargain element: This isn’t some haphazard exchange, this is a trade. Each party’s contribution must be given in exchange for the other’s. It’s not a gift, it’s a transaction as carefully negotiated as a camel trade across the Sahara. Each element is clearly connected, one wouldn’t exist without the other.

Third, legal value: While the value doesn’t need to be equal, both contributions must hold some legal value, however small. It’s not the monetary value that’s solely important, but rather its legal recognition. This is crucial, as it is often a determining factor in the enforceability of the contract. Think of it like haggling over a priceless antique in a Parisian flea market – even a seemingly small concession can represent substantial legal value.

What is the remedy for constructive fraud?

Think of constructive fraud like a treacherous, hidden crevasse on a seemingly safe hiking trail. Even if the trailblazers didn’t *intend* to create the danger (no explicit fraudulent intent), their negligence in properly marking the trail (failure to disclose material information, for example) leads to harm. In securities litigation, this “hidden crevasse” can be a misleading prospectus or an undisclosed conflict of interest. The remedy? It’s like a daring rescue mission: courts assess the damage, and the “rescuers” (courts) might force the negligent parties to give back their ill-gotten gains (disgorgement), compensate injured investors for losses (damages), issue a “trail closure” (injunction) to prevent further harm, or employ other “emergency measures” (equitable relief) to ensure fairness. The goal is not just to repair the immediate damage, but also to make sure the trail is properly marked (deter future misconduct) for the safety of future hikers (investors).

This “rescue mission” can be challenging, requiring careful investigation (evidence gathering) and expert judgment (legal analysis) to ascertain the extent of the damage and the appropriate “rescue” strategy. Just like navigating a difficult terrain, the legal process can be complex and time-consuming, demanding both expertise and resilience.

Successfully navigating these legal complexities requires a solid understanding of securities laws and regulations, similar to mastering map reading and navigation skills before embarking on a challenging hike. The penalties, though, can be steep – akin to facing the consequences of a serious mountaineering accident.

What are the 4 levels of risk management?

Picture this: you’re about to tackle a challenging mountain climb. Risk management isn’t just for boardrooms; it’s survival. First, Identify the risk: avalanche danger, rockfall, exposure, getting lost, weather changes – even a twisted ankle. Detailed route planning, studying weather forecasts, and checking avalanche reports are crucial here. This isn’t about avoiding all risk – that’s impossible – it’s about understanding what you face.

Next, Assess the risk: How likely is an avalanche? How severe would the consequences be? This involves experience, judgment, and using tools like avalanche beacons, topographic maps, and understanding snowpack conditions. Knowing your own limits is part of this too – are you experienced enough for this route?

Then comes Treating the risk: This is where the action happens. Maybe you avoid a particularly dangerous section, carry extra gear (like an ice axe or crampons), have backup plans, or even decide to postpone the climb altogether. Your treatment strategy depends directly on your risk assessment.

Finally, Monitor and Report on the risk: Regularly check weather updates, assess changing snow conditions, and be aware of your team’s physical and mental state. Communicate regularly with others; let someone know your route and expected return time. Post-trip reviews are crucial for learning and improving your risk management for future adventures.

What does cosh stand for?

Ah, COSHH, a term familiar to any seasoned explorer venturing into the industrial landscape. It stands for Control of Substances Hazardous to Health, a vital set of regulations, not unlike navigating treacherous terrain. These rules are designed to safeguard workers from the perils of hazardous substances, a landscape fraught with unseen dangers. Think of it as the essential survival guide for industrial journeys, protecting against occupational illnesses. Ignoring COSHH is akin to ignoring a warning sign in the wilderness – potentially catastrophic. Employers face unlimited fines for breaches, a harsh penalty reflecting the gravity of neglecting worker safety. The details of these regulations are extensive, covering risk assessment, control measures, and the provision of adequate information, safety equipment, and training. A diligent explorer of industry will find familiarity with COSHH essential for a safe and successful expedition.

What is the main deterrent for fraud?

The most effective fraud deterrent isn’t a single measure, but a robust, multi-layered strategy. Think of it like a Swiss cheese model – each slice represents a control, and while a single hole might let some fraud through, overlapping layers significantly reduce the risk. My travels across continents have shown me how this principle plays out differently based on local laws and business practices. For example, the emphasis on whistleblowing hotlines varies wildly, with some countries having robust legal protections and others lacking them entirely. Similarly, the sophistication of internal detective controls – from AI-powered anomaly detection to traditional manual reconciliation – differs greatly depending on technological advancement and resources.

A strong fraud deterrence framework rests on three pillars: First, a meticulously crafted, regularly updated written fraud prevention policy is paramount. This policy shouldn’t just be a dusty document; it needs to be embedded in the company culture, readily accessible, and understood by every employee. I’ve seen companies in Brazil successfully integrate their policy into employee onboarding, while in Japan, a focus on implicit social controls plays a significant role. Second, strong internal detective controls are crucial for early detection and response. This encompasses everything from segregation of duties to regular audits and data analytics. The specific controls implemented should be tailored to the specific risks the organization faces, a lesson learned while advising businesses in both emerging and developed markets.

Finally, and often overlooked, regular and comprehensive risk assessments are the compass guiding this entire endeavor. Risk assessments shouldn’t be a one-time exercise; they must be dynamic, adapting to evolving threats and the organization’s changing landscape. I’ve witnessed firsthand how effective risk assessments, incorporating both quantitative and qualitative data, can significantly mitigate the likelihood of fraud. The frequency and depth of these assessments should be tailored to the organization’s size, industry, and risk profile; something I’ve learned by observing diverse industries across multiple nations.

What are the golden rules of consideration?

So, you’re thinking about contracts, huh? Think of it like negotiating a trade at a bustling Moroccan souk. You wouldn’t just hand over a prized rug without getting something equally valuable in return, right? That’s consideration in a nutshell.

The Golden Rules: The Contract Law Edition

1. Value Matters: It’s not about sentiment; it’s about tangible or intangible worth. That “something” exchanged doesn’t have to be monetary – a promise to do something, refrain from doing something (like foregoing that extra mint tea!), or even a promise to pay is valid. Think of it as bartering skills and experiences in a remote Himalayan village – the value lies in the exchange itself.

2. Mutual Agreement: No one-sided deals here! Both parties must actively participate in the negotiation. It’s like a lively haggling session in a vibrant Buenos Aires market – both buyer and seller agree on a fair price, creating a binding agreement.

3. Legally Recognizable Value: The “something” exchanged must be something the law acknowledges as valuable. A promise to break a law, for example, isn’t legally valid consideration. Just like you can’t trade protected artifacts in an ancient Peruvian site without repercussions.

4. Present or Future: Past actions generally don’t count as consideration. Imagine trying to claim compensation for helping a friend in the past without any prior agreement; it’s not likely to work legally. This is like trying to claim a favour in a far flung Indonesian village years after the help was offered – no deal was agreed upon initially.