Fraud Week 2013: How is Your Fraud Awareness?

/

GUEST BLOGGER

Scott Patterson
Senior Media Relations Specialist

You have probably heard that, according to ACFE research, the typical organization loses 5 percent of its revenue to fraud. Did you also know that the median duration of a fraud scheme is 18 months? Or that most frauds are detected by an anonymous tip?

If you are an anti-fraud professional, you are probably aware of those stats and several others from our Report to the Nations on Occupational Fraud and Abuse. They are, after all, the best indicators of fraud’s impact today.

For the average business owner, executive or manager, however, fraud probably isn’t in the front of their mind every day. In fact, it probably comes up somewhere behind paying the bills, keeping earnings on track,  serving clients, managing employees and a host of other issues demanding immediate attention. 

That is why International Fraud Awareness Week remains such an important annual campaign. Starting this Sunday, Nov. 3, through Saturday, Nov. 9, organizations around the globe make fraud awareness a priority – through training and communication with employees, outreach to media and the public, social media activities and more. Many of the more than 800 Official Supporters of Fraud Week will conduct their own internal fraud risk assessments to measure their internal controls and preparedness for fraud.

Here is just a small sampling of the things going on next week:

  • Exactech Forensics, LLC, in Provo will host a luncheon with the ACFE Utah chapter to share ideas with delegates on strategies to prevent and detect fraud.
  • In France, BNP Paribas will host online training and a conference to support anti-fraud initiatives.
  • Georgia Southern University’s Center for Forensic Studies in Accounting and Business will distribute anti-fraud information across campus, covering subjects including identity theft and investment scams.
  • The ACFE Greece Chapter will host its Fraud Prevention Forum 2013 on Nov. 5 and will welcome ACFE President and CEO James D. Ratley, CFE, as a keynote speaker.
  • Pennsylvania’s Carlow University will promote fraud awareness in all accounting courses during Fraud Week, and inform the students about its undergraduate degree in Forensic Accounting and Master of Science Degree in Fraud and Forensics.
  • The seminar, “Targeting Fraud – Safeguarding Integrity,” will be a collaboration between Franklin University, National White Collar Crime Center, Ohio Ethics Commission, Ohio Inspector General and Ohio Investigators Association on Nov. 6-7.
  • President Ratley will also speak on fraud indicators for compliance professionals at the Compliance Summit Asia in Hong Kong, Nov. 7.

It’s not too late to get involved. It's free to sign up as an Official Supporter of Fraud Week, and the ACFE provides training tools and other resources to help organizations shine a spotlight on fraud.  Also, be sure to follow Fraud Week activities on social media – search the hashtag #fraudweek on Twitter for real-time updates and information about Fraud Week. Last year we tracked more than a half a million impressions on Twitter about the campaign.

To learn more about International Fraud Awareness Week, and to add your organization as an Official Supporter, visit FraudWeek.com. We look forward to hearing about your week.

Executive Creates Anti-Fraud Cooperation Across a Continent

/

MEMBER PROFILE

Giuseppe Tritto
Vice President, Head of Anti-Fraud and Corporate Governance
BNP Paribas
New York, N.Y.

As the vice president and head of anti-fraud and corporate governance, Guiseppe Tritto knows how wide fraud investigations can span. From Miami to Vancouver, Tritto supervises and monitors all corporate and investment banking anti-fraud efforts in North America for BNP Paribas. Aligning those efforts across an organization, and a continent, can be a daunting, but necessary task. “By nature, controls, compliance and audit are not seen as the friendliest departments within a financial institution,” Tritto said. “Creating a spirit of cooperation with business lines is always a challenge. Over the years I have noticed an increased awareness from the business lines about our responsibilities and tasks, which are not aimed at penalizing business, but preventing negative events.” 

 

What trends are you currently seeing in fraud investigations? Do you see any trends specific to your region?

We are in the U.S. corporate and investment banking field and we do not have a lot of exposure to retail fraud. That being said, we have received several requests for support for Internet-related fraud schemes. Currently the level of sophistication of these schemes is remarkable and requires more in-depth review of the materials and particular attention to details.

Please describe your most memorable case and its resolution (to-date if it’s a fresh case). Feel free to use pseudonyms for suspects if the case is ongoing and no judgment has yet been made.

When I worked for the Italian government as a special agent for the Italian Treasury I uncovered a major scheme involving sensitive figures. The scheme focused on a government insurance agency involving fraud, corruption, money laundering and bribery on a large scale. It eventually resulted in the seizure of hundreds of millions of dollars and the arrest of several public figures.

What advice would you give to someone hoping to follow a similar career path as you?

Believe in what you do and provide the best service based on ethics, knowledge and a spirit of cooperation. Sometimes what we uncover is not pleasant, but nevertheless our mission is to prevent fraudsters and white-collar crimes criminals from exploiting our organizations.

What do you consider your greatest career achievement?

The position I hold now was awarded to me as the result of the creation of an anti-fraud program me and my colleagues implemented in North America. In Italy, I would note the case I mentioned in the previous question as I felt I provided a great service to the community and was well received by the local authorities.

Read more ACFE member profiles in the ACFE Career Center.