Fraud EDge

Fraud examination 2025

"It is always wise to look ahead, but difficult to look farther than you can see." — Winston Churchill

Fraud examiners must think innovatively to stay ahead of fraudsters and prevent fraud from growing exponentially. We all know this, but this maxim challenges practitioners and educators because the business environment is changing rapidly. For example, the "Internet of Things," with a potential economic impact between $4 trillion and $11 trillion in 2025, will affect the ways business is conducted and how we live, according to a 2015 report, Unlocking the Potential of the Internet of Things by the McKinsey Global Institute.

Microsoft's Cyberspace 2025 report projects 4.7 billion Internet users by 2025 with the biggest gains in emerging economies. The report projects an aging population, particularly in developed countries, of 850 million people over age 65 — a 60 percent increase over 2012.

Gartner, the American information technology and advisory firm, defines "big data" as high-volume, high-velocity and/or high-variety information assets. The challenge is to make sense of the terabytes, petabytes, exabytes, zettabytes and yottabytes of information and utilize it to create efficiencies and drive decisions for future growth.

What does all of this mean for higher education and others who are training future CFEs? Let's take a step back and see what the framework developed for fraud and forensic education tells us before we look to the skills and tools of the future.

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