Global

Sudhir Gidwani, CFE

Sudhir Gidwani, CFE, says in 1984 he first found tremendous joy piecing together the jigsaw puzzle of unearthing fraud during his investigation of the collapse of a major local bank in Hong Kong. “As my experience in fraud and corruption investigations developed, I became more passionate about what I was doing,” he says.

All that glitters

If resources are valuable, fraudsters will use them to commit crimes. And they love to misuse gold, diamonds and other glittery materials from the depths of the earth. Here’s how countries are battling the schemes and what it all means for fraud examiners.

Recovering illicit assets offshore might become a bit easier

The British Overseas Territories (such as The Cayman Islands) and the British Crown Dependencies traditionally have been jurisdictions fraudsters use to hide proceeds of crime. However, recent legislation on the Islands could make it easier to conduct investigations into fraud and white-collar crime.

Health care providers can protect PII by obeying EU's GDPR

Fraud examiners who work for health care providers should know the stipulations of the EU’s General Data Protection Regulation to protect patients from data breaches. The law also applies to U.S. organizations that provide care for EU citizens.

Severe water issues in Australia worsened by fraud

Traditional corruption frauds — bribery, kickbacks and conflicts of interest — are affecting water management and availability in Australia. Droughts, fires, and floods are raising the stakes.

Fraudsters are exploiting blockchains and digital currencies

Fraudsters are beginning to find the cracks in the armor of blockchains and cryptocurrencies. Initial coin offerings, Simple Agreements for Future Tokens and fake currencies are vulnerable areas. Here’s practical information for warning your organizations and clients.

Scammers using FedEx and COVID-19 ruses to collect PII

In separate scams, fraudsters target would-be victims who are worried about packages they might never receive plus COVID-19 threats. The criminals play on fears to harvest personally identifiable information.

Daphne's message lives on

For years, journalist Daphne Caruana Galizia probed the activities of Malta’s ruling elite. She shared her findings — drug smuggling, money laundering, government corruption — on her blog, “Running Commentary,” and was regularly intimidated for her work. In 2017, she was murdered in a car bombing in Malta. Thousands have mourned her and demanded justice. Her son, Matthew Caruana Galizia, shares his mother’s story and how he and other investigative journalists worldwide are honoring her legacy.

Coronavirus fraudsters add to the anxiety and misery

The growing pandemic of coronavirus disease 2019 (COVID-19) is a global concern. It threatens to disrupt everything from international travel and supply chains to health care operations and the global economy. Like other natural disasters, the outbreak has also become an opportunity for fraudsters to cash in on public fears.

The smoke detector

Howard Wilkinson smelled smoke when he was a trader for the Estonian branch of Danske Bank. The fire he discovered is a $230 billion debacle — possibly the largest-ever money-laundering scheme. Wilkinson’s investigative skills could help accelerate European reforms.

Archeological frauds threaten Peruvian cultural heritage

Peruvian fraudsters take advantage of victims’ gullibility and interest in pre-Columbian Andean history plus the vulnerability of powerless indigenous peoples and rampant corruption to commit archeological frauds that exploit and denigrate cultures.

5 most scandalous fraud cases of 2019

The ACFE believes that large, noteworthy fraud cases like Enron or Bernie Madoff will live on in infamy and provide valuable lessons for fraud fighters and the general public. That is why we, along with input from our members, have selected the following five stories as the most noteworthy frauds of 2019. The stories were chosen based on the amount of money lost, the number of lives impacted and/or the relevance to the anti-fraud profession.