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Who owns transaction and controls monitoring?
Who monitors and oversees high-risk transactions in your organization? In this article, I explore who owns transaction and controls monitoring for vendors, customers and employees.
Written By: Vincent M. Walden, CFE, CPA
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- Data Analytics
- Fraud Risk Management
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.
Written By: Vincent M. Walden, CFE, CPA
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- Accounting and Auditing
- Data Analytics
- Fraud Prevention and Deterrence
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.
Written By: Vincent M. Walden, CFE, CPA
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- Cyberfraud
- Data Analytics
Measure and monitor your fraud risk management program success
‘Tis the season to set company goals. As we wrap up 2023 and look to the new year, ponder this: What are some of the key performance indicators (KPIs) companies use to measure the effectiveness of their fraud risk management program? Here, we explore some leading examples of anti-fraud KPIs that drive business value.
Written By: Vincent M. Walden, CFE, CPA
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- Corporate Governance
- Data Analytics
- Technology
From many, comes one (algorithm)
Recent anticorruption research shows that when companies collaborate to share information about third-party payments and high-risk transactions, they have a 25% greater chance of predicting improper payments than when each company’s model is performed in isolation. A new data-sharing consortium led by a nonprofit at MIT is working to make such collaboration possible.
Written By: Vincent M. Walden, CFE, CPA
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- Data Analytics
Thwart procurement fraud
As protests raged in Chile in 2020 over the cost of living and inequality, the government sought to procure body cameras for the police to monitor events on the ground. After going through a public bidding process, U.S. telecommunications equipment provider Motorola Solutions won the business to supply 300 cameras at a cost of close to 400 million Chilean pesos, or about $340 each at today’s exchange rate. Soon thereafter, those involved in the bidding process found themselves under investigation for irregularities. According to the local press, government officials accepted Motorola’s bid even though the company submitted its offer on the electronic procurement portal outside the hours stipulated by the bid rules. (See “El informe de Contraloría que complica a Katherine Martorell, la actual vocera de Sichel, por millonaria compra de cámaras GoPros para Carabineros,” El Mostrador, Oct. 15, 2021.)
Written By: Tom Caulfield, CFE, Sheryl Goodman
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- Contract and Procurement Fraud
- Data Analytics
Catching health care fraud with statistical graphics
When Florida Governor Ron DeSantis banned all nonemergency medical procedures in the state in early 2020 to help battle rising COVID-19 cases, Physician Partners of America LLC (PPOA) searched for other ways to compensate for falling revenue. The solution? The health care provider allegedly required its physicians to schedule unnecessary telemedicine visits every 14 days instead of each month. It then overbilled Medicare and Medicaid, the U.S. federal insurance systems for older and low-income Americans, by submitting overvalued evaluation and management (E&M) codes that compensated PPOA more than was warranted by the patients’ visits.
Written By: Terry Allen, William Mcbee
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- Data Analytics
- Health Care Fraud
Fraud Triangle Analytics, 12 years later
It’s been over a decade since we examined Fraud Triangle Analytics, a method of risk ranking individuals by applying keywords for pressure, opportunity and rationalization to electronic communications. Here we look at how advancements in technology have helped improve FTA in today’s battles with tech-savvy fraudsters.
Written By: Vincent M. Walden, CFE, CPA
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- Computers and Technology
- Data Analytics
- Technology
Fraud examiners have a plethora of data analytics tools
It’s a fact: Data monitoring and analysis can help catch fraudsters. Here’s a primer on incorporating data analysis into your organization along with the latest ACFE tools.
Written By: Martin J. Coe, DBA, Olivia Melton
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- Data Analytics
- Fraud Prevention and Deterrence
- Members-Only Training and Resources
Banish ‘comfortable inaction’
Most organizations need vendors to conduct business, but they’re often lax in investigating firms before they use their services. Here are tips for vetting your vendors and avoiding serious fraud problems.
Written By: Joseph M. Palmar, CFE, CPA/CFF
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- Data Analytics
- Fraud Prevention and Deterrence
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