Data Analytics

Scammers rip off desperate school-loan debtors, plus analyzing sensitive data leakage

In March, a U.S. district court shut down a student debt-relief operation that stole $8.8 million in junk fees from school debtors. Here we detail how others can avoid falling victim to scams that claim they’re helping people pay off their student loans. And a recent data security report sounds the alarm on organizations sharing data internally.

Noncompliance with laws and regulations – CFEs’ elevated audit role under proposed PCAOB rules

CFEs, lawyers and auditors – be on alert! The proposed PCAOB’s amendments to its auditing standards related to an auditor’s consideration of a company’s noncompliance with laws and regulations about financial statement audits will have a profound impact on our profession, bringing fraud risk management front and center.

A deeper understanding of occupational fraud

Fraud fighters recognize the ACFE’s Report to the Nations as the premier study of occupational fraud. ACFE CEO John Warren, J.D., CFE, takes readers on an in-depth tour of the 13th edition of this comprehensive report of occupational fraud, its perpetrators and victims, and its costs to help anti-fraud professionals better protect their organizations against this pernicious economic crime.

Fraud examiners anticipate future with generative AI, ACFE/SAS Report shows

The anti-fraud technology study, a collaboration between the Association of Certified Fraud Examiners (ACFE) and data analytics platform, SAS, surveyed 1,200 ACFE members in late 2023 about the technologies they and their organizations use in their anti-fraud initiatives. Now in its third edition, the report provides a detailed analysis of the current trends in fraud-fighting technologies and directions that organizations are looking to take with those technologies.

SEC’s increasing scrutiny trend bodes well for anti-fraud professionals

The U.S. Securities and Exchange Commission, like so many agencies, has weathered COVID-19 and budget restraints. But the authors’ research has shown that the SEC chairman is staunchly serious about increasing enforcement activities and reforming capital markets, which is good news for anti-fraud professionals.

Can generative AI give us prescriptive analytics?

One of four key types of analytics has long been considered a “pie-in-the-sky” concept for fraud investigators. Rather than describing or diagnosing something that’s happened or predicting what could happen, prescriptive analytics can tell us what we should do about it. With the growth of generative AI and large language models, it may just be in reach.

In Memoriam: Joseph W. Koletar, DPA, CFE, and three members join ACFE Board of Regents for 2024-2025

The ACFE remembers Joseph W. Koletar, DPA, CFE; Kimberly A. Howell, CFE, Maheswari G. Kanniah, CFE, and Robert J. Smolich, CFE, join the ACFE Board of Regents for 2024-2025; and the ACFE Board of Regents disciplines two members.

Breaking down data silos

The better the data, the better the insight. The better the insight, the better the results. In this issue, we explore how CFEs can help their organizations break down data silos to improve business transparency.

Balancing the benefits and risks of member-owned credit cooperatives

Credit cooperative societies across the developing world have helped local communities gain vital access to financial systems. But this access comes with a downside. Fraud and other financial vulnerabilities can put members at risk. This is where fraud examiners step in and help protect these cooperatives against such risks.

Tracking crypto fraud with unspent transaction outputs

The author uses real-life examples from his fraud investigations to dispel a major myth about bitcoin’s anonymity, showing just how traceable the digital currency is. Unspent transaction outputs are one mechanism to track payments on the blockchain and ultimately discover who’s behind any illicit activity.

Is a third party’s use of encrypted email services a safeguard or a red flag?

Global organizations employ thousands of suppliers and vendors to get their business done, so they need to use the latest investigative tools of third-party due diligence (TPDD). Here we examine how we can use TPDD to discover how suspicious third parties can use email encryption services (and corresponding primary email addresses) to mask illegal activities and steal valuable data.

Lourdes C. Miranda, CFE

Throughout her career investigating financial crimes — first in the CIA and FBI and now in the private sector — Lourdes Miranda found that understanding human behavior is instrumental to cracking cases. She now urges fellow CFEs to balance technology with human intelligence in their investigations and learn everything they can about cryptocurrency and blockchain.