7 fraud and detection
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Shannon Haas, Senior Manager
Fraud detection and
prevention
The material appearing in this presentation is for informational purposes only and should not be construed as advice of any kind,
including, without limitation, legal, accounting, or investment advice. This information is not intended to create, and receipt does not
constitute, a legal relationship, including, but not limited to, an accountant-client relationship. Although this information may have
been prepared by professionals, it should not be used as a substitute for professional services. If legal, accounting, investment, or
other professional advice is required, the services of a professional should be sought.
Sign of the Times…
Loyal employees have bills to pay and families to feed. In a good economy, they would never think of
committing fraud against their employers. But especially now, organizations must be vigilant during these
turbulent times by ensuring proper fraud prevention procedures are in place.
ACFE President James D. Ratley, CFE
Economic Recession
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Employees pose the greatest fraud threat in the current economy
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Layoffs are affecting organizations’ internal controls
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Fraud levels are expected to continue rising
Employee Fraud
In How to Embezzle a Fortune, Bev Harris says that fraudsters and embezzlers are the nicest people
in the world:
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Wide-eyed mothers of preschoolers
People who profess deep religious commitments
CPAs with impeccable resumes
Loyal business managers who arrive early, stay late, and never take vacation
Your best friend
Your partner
Family members
Fraud Risk
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Fraud Triangle:
Incentive/Pressure
Opportunity
Rationalization
Association of Certified Fraud Examiners
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The Association of Certified Fraud Examiners (ACFE) completes a report every two years summarizing
the key characteristics of fraud.
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The most recent report is from 2012.
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1,388 cases worldwide.
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The following are excerpts from that summary.
3 Major Types of Fraud
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Asset misappropriations.
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Corruption - bribery, extortion and a conflict of interest.
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Financial statement fraud.
Most Common Fraud – United States
Source: ACFE 2012 Report to the Nation
Magnitude of Losses – United States
Source: ACFE 2012 Report to the Nation
Misappropriation Methods
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Billing (fake vendors)
Skimming (cash is taken before recorded)
Expense reimbursements (inflated)
Check tampering
Cash on hand
Others
Source: ACFE 2012 Report to the Nation
Misappropriation Ranking
Source: ACFE 2012 Report to the Nation
Fraud Schemes – Financial Services
Source: ACFE 2012 Report to the Nation
Duration
Source: ACFE 2012 Report to the Nation
Fraud Detection
Initial Detection of Occupational Frauds- U.S
Source: ACFE 2012 Report to the Nation
Source of Tips
Source: ACFE 2012 Report to the Nation
Impact of Hotlines
Source: ACFE 2012 Report to the Nation
Presence of Anti-Fraud Controls
Source: ACFE 2012 Report to the Nation
Median Loss Based on Presence of Anti-Fraud Controls
Source: ACFE 2012 Report to the Nation
Duration and Anti-Fraud Controls
Source: ACFE 2012 Report to the Nation
Primary Internal Control Weakness Observed by CFEs
Source: ACFE 2012 Report to the Nation
Position of Perpetrator - Frequency
Source: ACFE 2012 Report to the Nation
Position of Perpetrator - Median Loss- United States
Source: ACFE 2012 Report to the Nation
Position of Perpetrator - Duration
Source: ACFE 2012 Report to the Nation
Age of Perpetrator - Frequency
Source: ACFE 2012 Report to the Nation
