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.
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...
Boeing Fraud Enforcement Action
One of the top corporate scandals over the past few years entered its next phase with the settlement by the DOJ with Boeing around its fraud in the certification of its 737 MAX aircraft. Tom Fox offers background (including the...
How WFH Will Accelerate Financial Misconduct
Behavox CEO Erkin Adylov discusses the serious reputational and monetary consequences financial firms face as a result of today’s remote working environment. The threat of employee misconduct has pushed corporate risk to new heights. Cast your minds back to the...
The Best Questions to Ask During a Fraud Interview
The majority of fraud examiners expect to see a significant uptick in fraud over the coming year, which means fraud interviews will be on the rise as well. The Bonadio Group’s Tim Ball discusses best practices for conducting fraud interviews....
Airline Services Limited Fined $2.9M by Serious Fraud Office For Failure to Prevent Bribery
Obvious conflicts of interest and a pattern of corrupt bidding practices led to penalties announced today by the Royal Court of Justice. Sofia El Mansouri, reporting for CCI, outlines the issues and offers takeaways for today's compliance professionals. The U.K....
Using AI and ML to Detect Corruption and Fraud Schemes
In the context of the pandemic and its associated challenges, the assurance functions have become more than a little challenging. Experts in investigations, data science, and applied AI provide a practical approach to support day-to-day compliance. Each crisis brings profound...
The Evolving Risk of Fraud in the Wake of COVID-19
Baker Donelson’s Ivan Boatner and Robert Hauberg discuss how the current workplace realities (remote workers, social distancing, limited travel, new technologies, etc.) have affected internal investigations. Earlier this summer, the Department of Justice (DOJ) updated its “Evaluation of Corporate Compliance Programs”...
AlixPartners: 2020 Global Anti-Corruption Survey
The 2020 AlixPartners global anti-corruption survey polled more than 300 corporate counsel, legal, compliance, accounting/finance and purchasing/procurement professionals representing more than 20 major industries in North America, Latin America and Europe. The resulting report examines the impact of COVID-19 on...
Evolution of Dynamic Biometrics: Disrupting the Fraud Prevention Landscape
In the last six months, practically everything has gone digital, creating a mountain of new digital data for fraudsters to mine. Sujata Dasgupta discusses the rise in dynamic-biometrics-based identity verification, the next step in fraud prevention for the financial services...
Forensic Risk Alliance: COVID-19 Corruption
Should governments be doing more to safeguard public funds against fraud and criminal activity? Governments globally have had to act quickly in order to mitigate the impact of COVID-19 on businesses. In a rush to distribute funding, many governments did...
4 Ways to Fight U.S. Stimulus Fund Fraud During a Pandemic “Perfect Storm”
Organizations that have received stimulus funding may be at significant risk for fraud, waste and abuse related to that funding. Deloitte’s Don Fancher offers guidance on how to combat that activity. As most compliance, finance and risk professionals know, economic...
