Fraud Talk: Fraud Now, Pay Later

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Fraud Talk: Fraud Now, Pay Later

In this episode, Jim Ducharme, COO of Outseer, a leading technology company in the fight against payment fraud, talks about the rise of "Buy Now, Pay Later" services and how fraudsters are exploiting these new avenues of credit. He also discusses identity assurance and how companies are working to combat payment fraud without adding hurdles for consumers.

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Fraud Talk: Understanding the Art and “Science” of the Theranos Saga

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Fraud Talk: Understanding the Art and “Science” of the Theranos Saga

In this special episode released during International Fraud Awareness Week, Chris Ekimoff, CFE, CPA/CFF, director of financial investigations and dispute services at RSM and co-host of the inSecurities podcast, and Mandy Moody, CFE, ACFE communications manager, discuss the latest and greatest highlights from the trial of former Theranos CEO Elizabeth Holmes. Chris and Mandy provide background and analysis on the many facets of the Theranos tale, review the implications of the previously-settled matter with the SEC in 2017 and discuss common issues with the legal system regarding allegations of fraud.

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Fraud Talk: A Conversation With the "Original Internet Godfather"

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Fraud Talk: A Conversation With the "Original Internet Godfather"

During the closing session of the 32nd Annual ACFE Global Fraud Conference, John Gill, vice president of education at the ACFE, spoke with convicted fraudster* Brett Johnson, who shared stories from his life as a cybercriminal. After being placed on the United States Most Wanted List, captured and convicted of 39 felonies, he escaped prison. Captured again, Johnson served his time and accepted responsibility.

In this excerpt from the full transcript of episode 109, Johnson shares some advice for companies as cybercrime continues to evolve and grow.

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Episode Notes for Fraud Talk: 'The Problem With Too Many Choices'

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GUEST BLOGGER

Emily Primeaux, CFE
Associate Editor, Fraud Magazine

In January I had the pleasure of interviewing Bret Hood, CFE, about using data analytics in fraud examinations and the problem of “choice paralysis.” Currently the director of 21st Century Learning & Consulting and a retired FBI supervisory special agent, Hood has spoken at ACFE Annual Global Conferences and is a federal court-recognized expert in fraud and money laundering.

Hood recently wrote an article for the January/February 2017 issue of Fraud Magazine about choice paralysis using a grocery store study. In the article and on the podcast, he explained that this study helped highlight that when people are given too many choices, they freeze and can’t make a decision. The same can happen when a fraud examiner approaches an investigation using data analytics.

Data analytics software can produce an endless amount of data — some usable, others distracting. In the podcast, Hood explained that it’s important for fraud examiners to determine which data sets are relevant. “If we’re doing a billing fraud, I should only be concerned with the billing and not something else,” Hood said. “So if I have billing fraud, I don’t necessarily care about accounts payable. It depends on what kind of billing we have, but what happens is when we start to focus on other things, when we start to take the divergent path, that distracts us from what our original purpose is.”

Other highlights from the interview include:

  • Recommendations for how fraud examiners can overcome choice paralysis, including prioritizing three things that are relevant to your case, focusing on those and fighting the urge to move down other paths as they become present.
  • An analysis of how the brain processes information, including a look at your “working memory.”
  • System 1, the reactionary part of your brain, versus system 2, the reasoning part of your brain.

You can listen to Hood’s entire interview at ACFE.com/podcast and join the discussion about the podcast in the ACFE Community.

Helpful Resources Mentioned in This Episode