Mandy Moody, CFE
ACFE Content Manager
Last week, more than 250 fraud fighters from the European region gathered in London to discuss the latest in fraud examination techniques, ethics and more. In addition to a presentation by convicted UBS trader, Kweku Adoboli (read the New York Times article, "A Rogue Trader Blames the System, but Not All Are Persuaded"), attendees walked away with actionable items to include in their own daily activities for preventing and detecting fraud. A few of the highlights include:
When and how to approach law enforcement and prosecution
A panel of investigators discussed tips for companies and individuals to follow when reporting fraud to law enforcement:
- Include a well-written report that defines intent. As Pennings said, “It is easier to conduct an investigation once there is a clear sign of intent. It has to hold water that it was intentional and not an accident.”
- Make sure there is a clear collection of evidence. According to Pennings, you can’t recreate a path of evidence after the fact. It may be best to train your employees on how to forensically collect evidence at a crime scene.
- Complete and submit a report that tells a cohesive story. Felton explained that his reports are only about half a page, so companies have to tell that story succinctly and efficiently. “If it is not clear in your head, then you have got a problem,” Felton said. “When you can’t even read through it and can’t understand it, you have got a problem. Sometimes I can’t find an offense.”
A strong ethical framework is good for business
Laura Davies, Director of Fraud at Huntswood, explained that understanding the current global landscape and putting an emphasis on culture is a step in the right direction for anti-fraud experts and organizations. Davies shared examples of recent scandals where consumer trust has been deeply shaken. Most recently, Volkswagen (VW) has been dealing with the fallout from their diesel emissions scandal. Read the full recap.
Using a risk-based pre-employment screening
Previous criminal activity can be hard to find and can put organizations at considerable risk. There are checklist recommendations that usually provide a list of information sources that should be accessed during a screening — they tell you where you can find information on an applicant. But, according to Bernhard Maier, CII, director of BM-Investigations E.U., many of these lists come from the U.S. and aren't multi-jurisdictional. Read the full recap.
Attendees also enjoyed keynote presentations by Clare Rewcastle Brown, the Editor-in-Chief of the Sarawak Report and the investigative journalist who reported on the Malaysian 1MDB corruption scandal, and Mark Livschitz, a recognized AML attorney. You can find more in-depth coverage of the conference at FraudConferenceNews.com.