News and analysis on the global fight against fraud
As I sat in the taxi in Jackson, Mississippi, waiting for the cab driver to “call in” my credit card because he had no credit card machine or app on his flip phone, I cringed. Just four days prior, I was teaching an ACFE webinar on travel fraud and here I was, hamstrung by an antiquated process that put my credit card at risk.
Read MoreInternational Fraud Awareness Week officially kicks off this Sunday, November 11. As a dedicated time to spread fraud awareness, it’s the perfect opportunity for you to reach out to members in your community to educate them about fraud and what you do as an anti-fraud professional.
Read MoreDr. Jessica Barker addressed hundreds of anti-fraud professionals yesterday at the 2018 ACFE Fraud Conference Europe and told them that a new weak point in organizations’ cybersecurity might stem from an unlikely source — General Data Protection Regulation (GDPR) compliance. “One of the speculations about what we will see with GDPR is more extortion around hacks,” she said.
Read MoreCourtney 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
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
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
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
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
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.
Shared by KPMG India on Twitter
Mandy Moody, CFE
ACFE Content Manager
The ACFE would like to thank all International Fraud Awareness Week Official Supporters, supporting media, bloggers, tweeters and social media posters for their amazing participation in Fraud Week.
We would also like to thank our Fraud Week Ambassadors this year: Abu Dhabi Accountability Authority, Loomis, First Abu Dhabi Bank, Virgin Media, Calpine, Magellan Health, Voya Financial, UAE Banks Federation, Maersk, Kenaga, Mashreq Bank, Oman Insurance Company, Orange, Standard Chartered and Millicom. The success of Fraud Week could not have happened without all of these dedicated people working together around the globe to spread the message that fraud can be prevented and detected.
Even with the many articles and resources shared, you might not have seen all that was done to highlight fraud detection and prevention. Here are some Fraud Week highlights you might have missed:
Remember, fraud awareness doesn't begin and end with Fraud Week. It is a year-round effort being supported by fraud examiners all over the world. Thank you all again, and we look forward to next year’s event!
News and analysis on the global fight against fraud.
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