Fraud
Fraud refers to dishonest and illegal activities by people or companies with the intent of gain, either financial or otherwise. The following fraud reports, fraud news and articles about fraud look at the day-to-day challenges of preventing, identifying and mitigating fraud.
Corporate Liability Reform in the UK is Accelerating: Your GRC Teams Need to Future-Proof Compliance
The UK’s just-enacted corporate crime legislation is a step in the right direction but failed to address a wide range of risks and challenges. Nonetheless, in the current climate, more legislation will soon follow. In light of such developments, global...
Compliance and Ethics Lessons Learned from KT Corps’ $6.3 Million FCPA Settlement
The SEC's FCPA settlement with South Korean telecom KT Corporation was relatively light, thanks in part to the latter's cooperation. But the company's missteps remain a cautionary tale for ethics and compliance. Here's where KT Corporation ignored red flags and...
How Corporate Malfeasance Takes Root, According to Whistleblower and Embezzler Mark Whitacre
In 1992, Mark Whitacre, a divisional president at ADM, began to cooperate with the FBI in their investigation into alleged price-fixing at the company. Before and during this period, he also embezzled millions from his employer. Whitacre provides multiple cautionary...
What Healthcare Providers and Life Sciences Companies Can Expect for Enforcement in 2022
Though the Biden administration's first year kept enforcements light, broad shifts and specific measures taken by regulators are set to affect the health care and life sciences industry through 2022. The following lays out enforcements companies will likely experience over...
DOJ’s Civil Cyber Fraud Initiative Could Find Health Care Companies Exposed on Multiple Fronts
The Biden Administration and DOJ intend to pursue cyber fraud through the False Claims Act (FCA), with an emphasis on whistleblower reporting. The implications could devastating for unsuspecting health care compliance teams and lead to multiple exposures to enforcement.
CCOs Say the Opaque Nature of DOJ Incentives Makes Self-Reporting a Hard Sell
Results of a recent Ethics and Compliance Initiative (ECI) survey indicate that a majority of CCOs can’t be sure whether DOJ follows its own guidance when accounting for self-reporting and other incentivized action in the penalties it hands down. That...
Hogan Lovells FCA Guide: 2021 and the Road Ahead
While the transition to the Biden administration has ushered in many changes, including new policies and initiatives at the U.S. Department of Justice, one thing that remains constant is the DOJ’s reliance on the False Claims Act as a key...
DOJ Enforcement in 2022: What the Monaco Memo and US Anti-Corruption Strategy Forecast for the Year Ahead
DOJ's latest remarks (via Deputy Attorney General Lisa Monaco) on corporate criminal enforcement carry important implications for compliance teams. Going forward, the department will take a wider view of companies' past wrongdoing, require more detailed information on individuals related to...
Trends in White Collar Crime Enforcement: Looking Back on 2021 and Ahead to 2022
2022 will probably be a lot like 2021, only more so. With most key federal positions filled, the Biden Administration is in a position to ramp up enforcement over the next twelve months. A rundown of top white-collar crime enforcement...
UBOs Often Remain Elusive Despite Repeated Regulatory Efforts
After repeated investigations that have laid bare the struggle governments have in identifying the ultimate beneficial owners implicated in money laundering and other fraud, it's clear there isn't a one-size-fits-all solution. While governments continue adopting new rules meant to address...
When Accounting for the Cost of Fraud, Don’t Forget the Toll It Takes on Customer Experience
The experience of fraud can be so jarring that it frequently causes individuals and businesses to completely change their financial practices. In three out of ten cases of fraud, according to one study, a customer will leave their financial institution.
When Corruption Investigations Run Cold, AI Pattern Analysis Can Revive the Case
Automated analysis of big data and new sentiment processing are opening doors for fraud investigators to home in on wrongdoing faster and with more discretion. Though still not a silver bullet, these pattern identification techniques have brought investigation techniques to...
