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.
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...
The False Claims Amendment Act of 2021 – A New Paradigm in Contracting with the Government?
The Escobar decision paved the way for a potential loophole in the False Claims Act that U.S. senators aim to close. If passed, the False Claims Amendments Act of 2021 will fundamentally shift the regulatory landscape for businesses that contract...
A New Generation of Fraud Actors Cut Their Teeth During COVID-19. Businesses Need to Act Now to Get a Step Ahead.
Fraud thrives in chaos. The past 18 months revealed new opportunities on massive scales for fraud actors to take advantage of unsuspecting people and businesses. Successful criminal operators will only continue to refine their skills.
DOJ Is Getting More Imaginative with False Claims Act Enforcement and Hitting a Growing Range of Organizations
The DOJ began casting a wider net for False Claims Act enforcement years before the pandemic broke out. Now with large-scale suspected EIDL and PPP fraud, companies need to double- and triple-check the accuracy of their applications or face the...
During The Trump Administration, an Estimated $84B in EIDL and PPP Fraud Occurred. Now Congress Is Revamping Oversight.
The Biden administration, in a March memo, estimated EIDL and PPP fraud has totaled $84 billion to date. Numerous federal entities and civil servants have been empowered to investigate. Organizations should expect an increase in enforcement and prepare accordingly. On...
Justice Department Takes Action Against COVID-19 Fraud
Historic level of enforcement action during national health emergency continues March 26, 2021 – The Department of Justice announced an update today on criminal and civil enforcement efforts to combat COVID-19 related fraud, including schemes targeting the Paycheck Protection Program...
