Global

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.

Fooling the senses for profit

Deepfakes are no longer just amusing YouTube videos. Fraudsters are beginning to use them for business email compromises. Cyber experts say phone scams, sham celebrity endorsements, biometric fakes and bogus evidence could quickly follow. Now’s the time to advise your organizations.

Fraud Week spurs anti-fraud training and support across the globe

Anti-fraud professionals know that while it’s best to catch fraud as soon as possible, it’s even better to stop fraud before it happens — which is why active fraud prevention is a critical part of anti-fraud strategies for organizations of any size. The ACFE established International Fraud Awareness Week (Fraud Week) to give organizations a dedicated time to spread anti-fraud education with employees and within their communities.

Bernardin Assiene, CFE

Bernardin Assiene, CFE, found his passion for fighting fraud when he was tasked to investigate a financial fraud in the fuel distribution network at a major multinational American oil company in 1998. “The experience I gained and the lessons I learned shaped the rest of my career,” he says.

Global review and update

Fraud moves like waves globally — disrespecting borders and nationalities. However, regions often have common crimes and recurring problems. Here’s a review of some of what we’ve covered since the column’s inception in 2018 plus recent developments.