Benford’s Law: What It Is and Why Fraud Examiners Use It 

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Benford’s Law: What It Is and Why Fraud Examiners Use It 

Benford’s Law can be a tricky concept to grasp at first. Here are the basic things to remember: It relies on the idea that the distribution of digits in multi-digit natural numbers is not random; instead, it follows a predictable pattern. More on that later.  It applies only to “natural numbers.” The definition for natural numbers and non-natural numbers in a fraud examination are different than they are in math, so don’t let that throw you off. Here’s how we define them for Benford’s Law. 

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From the President: Number-Pattern Tests, Like Benford’s Law, Are Still Valuable

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From the President: Number-Pattern Tests, Like Benford’s Law, Are Still Valuable

We’ve all been there in a fraud examination. You’re looking at financial statements, invoice amounts or expense reimbursements that appear normal, but you know in your gut that something is wrong. The numbers just don’t feel right, but it’s not obvious. Like Alice going down a rabbit hole, you’re becoming “curiouser and curiouser” about what you’re inspecting.

In the latest issue of Fraud Magazine, Mark Nigrini, Ph.D., a leading Benford’s Law expert, writes the excellent, detailed cover article on six typical number patterns (including Benford’s) that you can search for during your cases to possibly find fraud.

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Resolution #2: Host & Celebrate the 25th Annual ACFE Global Fraud Conference

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RESOLUTION #2: HOST & CELEBRATE THE 25th ANNUAL ACFE GLOBAL FRAUD CONFERENCE

I can’t think of a better way to celebrate the 25th anniversary of the ACFE Global Fraud Conference than by heading to Texas, where the ACFE began, and welcoming nearly 3,000 anti-fraud professionals to the largest anti-fraud event in the world. We plan for this event to be our largest ever. More than 50 countries will be represented, and we will host some of the most relevant and valuable keynote speakers, Pre- and Post-Conference seminars, more than 70 breakout sessions and over 40 exhibitors.

Here are just a few of the highlights we are excited to announce:

  • New Data Analytics Focus: With the rise of “big data” has come a big need for technology, training and education. To address this demand, we have added an additional education track solely focused on data analytics titled, “Data Analytics: Working Smarter and Harder with Big Data” to be led by the world’s top subject matter experts.  In addition, we are working with the leading data analytic technology providers on special networking opportunities, exclusive demos and more to help you build the knowledge you need to be on the cutting edge of the fight against fraud.
  • Pre- and Post-Conference Sessions: This year we will have three Pre-Conferences and three Post-Conferences for you to complement your conference experience. These seminars include sessions addressing the latest social media in fraud examinations, Benford’s Law, civil litigation in a fraud examination, auditing, investigation, interviewing skills and building an anti-fraud culture.
  • New Location: For the first time in more than 10 years, we will travel back to San Antonio, Texas, for the ACFE Global Fraud Conference. This location was chosen to coincide with the 25th anniversary to help us celebrate in the state where the ACFE began.

Keynote speakers will be announced soon. Check FraudConference.com for latest conference information and news. And, of course, follow us on Facebook, LinkedIn and Twitter for real-time updates about the latest happenings at the ACFE.

A Sure Bet: ACFE Global Fraud Conference Heads to Vegas

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GUEST BLOGGER

Leslie Simpson, CFE
ACFE Director of Events

It seems like ages ago that I attended my first ACFE Global Fraud Conference. To be honest, it actually was ages ago. It was 1999. Y2K was looming in the distance and Doc Marten’s were dying a slow death. The Conference was at Caesar’s Palace in Las Vegas, and one of our keynote speakers was Susan McDougal (she served prison time as a result of the Clinton Whitewater controversy). I had my first front row Wayne Newton experience - I’ve never been the same.  I gambled for the first time with $5 I got from my dad, Jim Ratley, who was then the ACFE’s Program Director. Beginner’s luck awarded me a whole $50. And, just in case you are wondering, I did pay my dad back his $5 (though he’ll tell you I didn’t). It’s hard work pulling the lever on that slot machine, so I figured the profit should be all mine.

In the 14 years working at the ACFE, I’ve been lucky enough to have worked in many different areas of the business while focusing on what I enjoy most about my job: marketing and communication.  After a short three years leading our Member Services team, I was given the opportunity to lead the Events Department. This role has taken me back to organizing my favorite event, the ACFE Global Fraud Conference.

Three years brought many changes to the Events Department, however one thing remains the same. We still offer the same great conference except, true to ACFE form, we have scrutinized the details to make it even better this year.

We’ve placed more emphasis on the global nature of our event (our attendees represent more than 50 countries). By adding expert speakers from countries like Canada, the UK, Belgium, Australia, Germany, Hong Kong and South Africa, we are hoping to give attendees a truly global perspective.

Additionally, we searched high and low for timely and interesting topics that provide you with the tools you need to stay ahead in the world of fraud prevention and detection. Here are some sessions you won’t want to miss:

If you see me with a little more pep in my step in Vegas, it’s because I’m excited to be a part of such a monumental event, and I’m thrilled at the thought that this year’s Conference will be the best yet. I hope you’ll join me in Las Vegas, and see for yourself. If you do, please find me and say “hello.” I just might give you some beginner’s luck.

Learn more about the 24th Annual ACFE Global Fraud Conference at FraudConference.com.