You Discovered Fraud — Now What?: A #fraudweekchat Recap

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Courtney Howell
ACFE Community Manager

This year during International Fraud Awareness Week, we hosted our first ever Twitter chat with the topic “You discovered fraud — now what?” Participants shared excellent advice on what to do if you or someone you know discovers a potential fraud. A few discussion contributors even shared real-life experiences they have learned from.

Read on to discover some of the top insights shared during the chat, and be sure to follow us on Twitter!

If you’re wondering if it is serious enough to report the answer is report it.

— Michael Bloese (@opablaze) November 14, 2017

A1: Once we receive a tip, we gather as much information as possible and assign the case to one of our agents to investigate & determine the facts. #FraudWeekChat

— BWC Investigations (@OhioBWCFraud) November 14, 2017

See all the responses to Q1 here.

Q2: If possible call a hotline and submit your suspected fraud case anonymously (47% of cases are detected by hotlines). If this is unavailable seek legal help #fraudweekchat

— SFG Global (@SFG_Global) November 14, 2017

Document everything in real time. Sadly Rule #1 is: CYA !

— William Kresse (@ProfessorFraud) November 14, 2017

Do it. You are only reporting a suspicious action which needs further investigation.

— Geoff (@Geoffgrumpy) November 14, 2017

A2: We understand it’s a difficult task. Our best advice is trust the interviewer and follow their lead. Agents taking the call are experienced in helping individuals through the process. #FraudWeekChat

— BWC Investigations (@OhioBWCFraud) November 14, 2017

See all the responses to Q2 here.

Everyone has a boss; be it the Board or the organization's fraud hotline there is someone that holds everyone accountable.

— ACFE Lansing (@acfe_lansing) November 14, 2017

you must reassure that there is a confidential reporting line either internal to a Board member or Audit Committee or if necessary externally to a regulator or law enforcement. People may be intimidated and need to feel it will be investigated appropriately.

— Neil at FMRC (@fmrc_enquiry) November 14, 2017

See all the responses to Q3 here. 

Weak internal controls

— cornelius mapitsa (@CMapitsa) November 14, 2017

False belief or trust that "it can't happen here". Invariably, less effort put to close gaps or test control effectiveness #FraudWeekChat

— Mustafa (@TheChosenWrites) November 15, 2017

Overlooking the red flags, treating them as one of the cases

— Fayaz Shaik (@fayazshaik2003) November 15, 2017

See all the responses to Q4 here. 

ABC - Assume nothing, Believe no-one, Challenge everything.

— M Ambler-Shattock (@MAmblerShattock) November 14, 2017

Q5 #fraudweekchat Trust no one, question everything and verify , and play your guitar every chance you get
😇🌈🎸

— Ann Marie Thomas MBA (@rainbowangel1) November 14, 2017

A5: Find worthy mentors. Each of our criminal investigators and special agents is assigned a field training officer as a mentor on day 1. #FraudWeekChat #FraudWeek

— BWC Investigations (@OhioBWCFraud) November 14, 2017

See all the responses to Q5 here. 

Cybercrime! It keeps evolving with each passing day. One can not truly keep up with the internet.

— Oluwariley (@oluwariley) November 14, 2017

A6: Data mining to detect fraud. So far this year 16% of our allegations have been detected by our intelligence unit. In FY17 that unit detected 479 allegations saving $19.2 million. #FraudWeekChat

— BWC Investigations (@OhioBWCFraud) November 14, 2017

The coming acceptance of facial recognition systems.

— William Kresse (@ProfessorFraud) November 14, 2017

See all the responses to Q6 here. 

Thank you so much to everyone who participated, liked and shared our #fraudweekchat tweets. If you’re interested in seeing more Twitter chats hosted by the ACFE, please let us know in the comments or, of course, you can always tweet at us.