fraud update: latest trends & how to fight...
TRANSCRIPT
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Fraud Update: Latest Trends & How to Fight Back
Bryan Callahan CPA/CFF, CFE, CVA
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AGENDA• Recent Trends in Fraud – 2018 Report to the
Nations
• Fraud “War Stories”
• Ways to Mitigate the Risk
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©2018 Association of Certified Fraud Examiners, Inc.
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©2018 Association of Certified Fraud Examiners, Inc.
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©2016 Association of Certified Fraud Examiners, Inc.©2018 Association of Certified Fraud Examiners, Inc.
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©2018 Association of Certified Fraud Examiners, Inc.
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©2018 Association of Certified Fraud Examiners, Inc.
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©2018 Association of Certified Fraud Examiners, Inc.
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©2018 Association of Certified Fraud Examiners, Inc.
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©2018 Association of Certified Fraud Examiners, Inc.
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0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0%
Banking and Financial ServicesManufacturing
Government and Public AdministrationHealth Care
RetailInsuranceEducation
EnergyConstruction
OtherTransportation and Warehousing
Food Service and HospitalityTechnology
Religious, Charitable, or Social ServicesServices (Professional)
Arts, Entertainment, and RecreationTelecommunications
Real EstateAgriculture, Forestry, Fishing, and Hunting
UtilitiesServices (Other)
MiningCommunications and Publishing
Wholesale Trade
Indu
stry
Fig. 15 How does occupational fraud affect organization in different industries?
©2018 Association of Certified Fraud Examiners, Inc.
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©2018 Association of Certified Fraud Examiners, Inc.
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©2018 Association of Certified Fraud Examiners, Inc.
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©2018 Association of Certified Fraud Examiners, Inc.
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©2018 Association of Certified Fraud Examiners, Inc.
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Profile of Fraud Perpetrator• No prior criminal history (5%)• Well liked by co-workers• Likes to give gifts/compulsive shopper• Gambling problems not unusual• Long-term employee• Rationalizes, starts small or “borrows”• Lifestyle clues©2018 Association of Certified Fraud Examiners, Inc.
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Which One Looks Suspicious?
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Real Example #1• Acted alone
• Did not have credit card in his/her name
• Used his/her supervisor’s card (memorized #)
• Long-term employee
• Red flags noted
• Amount
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Real Example #2
19 // experience perspective
• Top Exec• Former E&Y employee• “Hard working, smart, trusted”• Insider knowledge of contracts/bids • Other employees notice budget discrepancies• A little digging reveals big problems• Contractor connected to him - $3.0 million
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Fictitious Vendors
Filed with Secretary of State
20 // experience perspective
Fake
Residential Address
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21 // experience perspective
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• Contractor had no website
• No one knew the owner (he was fake)
• Simple address check revealed small home
• Phone # connected to a cell (no one answered)
• Executive living beyond means
Red Flags Abound
22 // experience perspective
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• A fake company might be a “real” company (registered w/secretary of state)
• Free and easy internet resources – use them• Secretary of State websites are great• Google Maps/Streetview• Hit the vendor/subcontractor website• Look at the principals behind the company
• Use caution with fee based searches on internet
Few Vendor/Subcontractor Verification Tips
23 // experience perspective
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Real Example #3
24 // experience perspective
• Senior Accountant• 6 year employee• Mr. Popular• Odd text • The trust factor• The “other” factors
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The Process• Download of file, etc
• Reconciliation between debit to CardmemberService and VISA payable – one issue
• Terminated employees
• 325 transactions (168 on cards from text)
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The Cover UpTransaction
Month K:Drive Website DifferenceJanuary 30,741.92$ 34,343.26$ 3,601.34$ February 32,643.78 35,728.37 3,084.59 March 56,082.89 57,576.64 1,493.75 April 60,073.40 63,111.76 3,038.36 May 51,326.83 54,914.11 3,587.28 June 65,334.86 68,306.29 2,971.43 July 45,154.28 46,893.52 1,739.24 August 51,810.37 53,998.49 2,188.12 September 32,045.84 34,757.00 2,711.16 October 51,601.01 54,866.10 3,265.09 November 43,305.93 45,836.25 2,530.32 December 28,624.00 32,407.12 3,783.12
TOTAL 548,745.11$ 582,738.91$ 33,993.80$
Credit Card Transactions For Calendar Year 2015
Total Transactions
Total was $112k 2014-2017
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Examples
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DATA ANALYTICS BASICS
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DefinitionsBig DataInformation of extreme size, diversity and complexity.
- Gartner, Inc.Source: http://www.gartner.com/technology/topics/big-data.jsp
Data Analytics…processes and activities designed to obtain and evaluate data to extract useful information and answer strategic questions...
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©2018 Association of Certified Fraud Examiners, Inc.
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Fig. 19 How does the presence of anti-fraud controls relate to the duration of fraud?
©2018 Association of Certified Fraud Examiners, Inc.
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©2018 Association of Certified Fraud Examiners, Inc.
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Rewards for Whistleblowers
Job Rotation/Mandatory Vacation
Proactive Data Monitoring/Analysis
Surprise Audits
Formal Fraud Risk Assessments
Dedicated Fraud Department, Function, or Team
Fraud Training for Managers/Executives
Fraud Training for Employees
Anti-Fraud Policy
Employee Support Programs
Independent Audit Committee
Hotline
Management Review
External Audit of Internal Controls over Financial…
Management Certification of Financial Statements
Internal Audit Department
Code of Conduct
Fig. 17 What anti-fraud controls are most common?
Percent of Cases
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JobTotal
TransactionsTransaction
CountCategorical
HitsHoliday
TransactionsTransactions
with Keywords
Transactions at Merchants of
InterestPotential Split Transactions
Transactions on PTO
Round Hundred Dollar
TransactionsWeekend
TransactionsSales Representative 1,239,885.17 16,131 6 52 215 178 - 81 21 1,463 Vice President Sales 564,654.06 4,112 6 15 7 62 - 13 4 459 Technical Sales Rep 524,032.93 5,504 6 19 61 34 - 40 2 587 Business Unit Manager 495,998.25 5,001 6 16 10 79 - 12 2 454 Customer Service Rep 270,665.16 3,272 6 13 3 56 - 22 1 300 Executive Vice President 263,505.40 1,724 6 14 7 31 - 2 7 189 Regional Vice President 223,448.47 1,819 6 5 59 11 - 15 2 178 VP Operations 194,824.17 1,433 6 11 1 7 - 5 1 181 Print Production Manager 190,866.42 2,310 6 9 4 19 - 10 2 185 General Manager 156,892.40 1,915 6 5 21 4 - 23 2 215 Plant Manager 101,922.90 1,324 6 2 5 6 - 15 2 141 Production Manager 87,231.55 949 6 1 12 3 - 13 5 72 n/a 406,902.25 3,704 5 10 20 75 - - 2 316 Sales Division Manager 297,656.65 2,470 5 10 3 31 - 3 - 217 Operations Manager 106,736.03 1,221 5 4 5 20 - 7 - 106 IT Manager 100,892.16 759 5 2 5 29 - 2 - 132 Finance Manager 79,946.48 507 5 1 - 7 - 1 4 39 Chief Financial Officer 77,086.00 317 5 1 15 1 - 1 - 27 CEO & President 72,371.44 433 5 6 5 1 - 1 - 60 Business Development Mgr 64,449.41 803 5 1 3 15 - - 1 58 Quality Control Manager 50,332.81 634 5 1 - 7 - 5 1 42
Summary of Categories
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Weekend Purchases
Transaction Date
Transaction Amount Merchant Name Original Address City Name
State Province
Expense Description
7/7/2013 79.08 SHERIDAN NURSERIES EST MISSISSAUGA ON10/5/2013 28.20 VALUE VILLAGE #2027 MISSISSAUGA ON
10/12/2013 56.44 HOMESENSE 013 ETOBICOKE ON1/11/2014 124.42 CLOVERDALE HOME HARDWA ETOBICOKE ON1/11/2014 50.76 KITCHEN STUFF PLUS #7 ETOBICOKE ON1/11/2014 14.63 HOME OUTFITTERS #5116 TORONTO ON1/11/2014 22.59 TARGET CANADA T3715 TORONTO ON1/11/2014 31.56 HOMESENSE 013 ETOBICOKE ON2/2/2014 36.01 HOUSE WARMINGS INC OAKVILLE ON
2/23/2014 235.04 LULULEMON 262 ETOBICOKE ON
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Transaction Date
Transaction Amount Merchant Name Original City Name Expense Description
9/7/2013 48.22 ALBERTSONS #4132 DALLAS personal expense to be reimbursed by Amy8/11/2013 6.36 STARBUCKS #02240 WOODR WOODRIDGE Card used in error - will send check12/5/2013 17.71 NOODLES CO 611 LAGRANGE Check Included - personal mistake11/2/2013 2,000.00 PTI MARKETING TECH 8588476613 This was billed by mistake and was credited on January 2014 statement3/26/2014 65.04 FRONT STREET CAFE NEW RICHMOND Personal Expense Check Inclosed6/29/2013 44.90 LILYDALE BP QPS LILYDALE gas for personal vehicle7/3/2013 31.10 HOLIDAY STNSTORE 0336 BROOKLYN PARK gas for personal vehicle7/9/2013 48.05 LILYDALE BP QPS LILYDALE gas for personal vehicle
7/13/2013 46.36 LILYDALE BP QPS LILYDALE gas for personal vehicle7/17/2013 35.92 HOLIDAY STNSTORE 0336 BROOKLYN PARK gas for personal vehicle7/19/2013 41.19 HOLIDAY STNSTORE 0336 BROOKLYN PARK gas for personal vehicle7/21/2013 35.58 LILYDALE BP QPS LILYDALE gas for personal vehicle
Keyword Search
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Accounts Payable Payroll
General Ledger
Purchasing Cards
Examples of Uses in Examinations
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Vendor Attribute Analysis –Employee /Vendor Matching
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Address Mining – Mailbox Services
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Address Mining – Proximity
39
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Address Mining – Geocoding
40
AP Manager
Vinny’s Salvage Yard
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Employee-Vendor Proximity
41
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Vendor Trending Analysis
42
Vendor: JLM Plumbing Authorized: Janice L. McPhearson
Test phase
Acceleration as confidence
builds
Getting Greedy
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TEXTUAL ANALYTICS
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Textual Analytics
Relationship Mapping
Named Entity
Extraction
Predictive Coding
Topic Mapping
Digital Forensics
Tone Detection
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Data Types
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©2018 Association of Certified Fraud Examiners, Inc.
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Questions?Bryan Callahan, CPA/CFF, CVA, CFEPartnerForensics & Valuation [email protected]@Bryan_Callahan3 // 317.383.4000
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Thank You!