The 9 Most-Read Posts of 2019
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Throughout 2019, we published 114 posts on ACFE Insights — the most we’ve ever shared in a year — and 33 guest authors contributed their expertise and insights to nearly half of those posts. Because of their willingness to share knowledge, ACFE Insights has seen a tremendous amount of growth in readership.
Contributors, please accept our heartfelt thanks for being so generous with your knowledge. Readers, thank you so much for coming to the site to read, discuss and share posts from ACFE Insights this year.
We didn’t want to let 2019 go without commemorating some of the most popular, information-rich posts that were shared. If you missed anything listed below, it’s time to get comfy and dig in.
Here they are, the nine most-read blog posts of 2019.
1. Fame and False Advertising: The Fyre Festival Fraud
Netflix’s documentary “Fyre: The Greatest Party That Never Happened” (dir. Chris Smith, 2019) chronicles the saga of a failed luxury music festival in the Bahamas. The event’s promoters defrauded top investors, the local Bahamian community, and hundreds of individuals who paid high prices in the hopes of listening to famous bands and DJs while surrounded by lavish beach houses and scenic waterfront views.
2. Air Force Secretary Scams Government Out of $1.4 Million Using Simple Fraud Method
Michelle Holt sent shock waves through a Virginia courtroom in December when, immediately after pleading guilty to scamming the federal government out of $1.4 million, she walked over and hugged the federal prosecutor who had just filed computer fraud and theft of government property charges against her. In a sensational case that has left many people stunned, Holt was found to have bolstered her paychecks with false overtime, holiday and sick pay over a period of 17 years while working for the United States Air Force.
3. How Data Analytics Can Illuminate Fraud Schemes
Organizations that implement proactive data monitoring detect frauds 58% faster and experience losses that are 52% lower than organizations that don’t, according to the ACFE’s 2018 Report to the Nations. As these numbers indicate, harnessing your organization’s data can have a significant impact on your efforts to detect and prevent fraud. But introducing data analytics into your fraud-fighting toolbox is not a cut-and-dry process. There’s no universal checklist to follow. Every organization has different data to work with, and unique priorities and organizational goals. It takes a hands-on approach to figure out what will work best for you and your organization.
4. City of New York Seeks $20 Million for Airbnb Fraud Scheme
At the beginning of 2019, Airbnb had around 50,000 listings within New York City, making the tourism capital its largest market in the U.S. As Airbnb experienced a steady climb in short-term rentals within NYC, the municipal and state governments grew more keen on curbing Airbnb’s permissions for local rentals to keep more living spaces available for New York City residents, who already face a tight rental market. According to the New York State Multiple Dwelling Law, buildings with three or more units cannot offer rentals for fewer than 30 days at a time unless the owner or tenant of the unit is present while the guest is renting. In January, a $20 million lawsuit was filed against Airbnb by the City of New York, alleging the largest Airbnb fraud scheme the city had ever witnessed.
5. What Is Benford’s Law?
Benford’s Law can be a tricky concept to grasp at first, but it provides an extra method for fraud examiners to test data for potentially fraudulent activity. Here’s more on what it is exactly and how fraud examiners can use it.
6. How to Successfully Prevent Fraud Using the Pareto Principle
In February 2019, a Meals on Wheels bookkeeper pleaded guilty to stealing more than $88,000. According to court documents, between May 2013 and April 2018, the bookkeeper had access to the organization's bank accounts, debit cards and payroll system. Documents said the bookkeeper used the bank accounts to pay for things like her mortgage, utilities and property tax payments. She frequently disguised these transfers in Meals on Wheels’ internal accounting system to make them appear as they were legitimate Meals on Wheels expenses. This fraud occurred due to basic internal control failures, but the Pareto Principle, also known as the 80/20 rule, can help identify key accounting fraud risks and establish an effective and efficient internal control framework.
7. Five Infamous Frauds Throughout the Centuries
While the internet serves as a large platform for a considerable number of scams, fraudsters have always been able to find creative outlets for their schemes, long before the advent of modern technology. The names Charles Ponzi and Victor Lustig may be well known among audiences tuned in to the history of con men, but here are stories of lesser known swindlers, going as far back as the fourth century B.C.
8. Five Awkward Situations That Led to the Discovery of a Fraud Scheme
These five awkward situations ultimately led to the discovery of a fraud scheme, but unlike most awkward moments, these fraudsters couldn’t just walk away and pretend like it didn’t happen.
9. Save Your Organization a Headache by Stopping Fraud Before It Happens
An ideal time to talk about fraud prevention within your organization is during International Fraud Awareness Week (Fraud Week). First established by the ACFE in 2000, Fraud Week garnered the support of more than 800 organizations in 2019 and continues to grow each year. During the week, supporters host educational talks in their companies, spread consumer fraud tips within their communities and even hold interdepartmental expos. But fraud prevention doesn’t only happen during Fraud Week. Take a look at the current fraud prevention plan you have in place and evaluate its effectiveness.
ACFE Insights is always looking for guest bloggers to submit posts on the latest anti-fraud trends and topics. As you can hopefully see from our top nine posts, we publish — and our site visitors read — a wide variety of topics. If you’re interested in writing for ACFE Insights, please check out our submission guidelines below. We look forward to hearing from you in 2020!
