Background
Prompted the creation of the SEC
What is the Great Depression
The position most commonly held by a fraudster in a company
What is a manager
This purpose's goal is to Identify and uncover instances of fraud
What is Fraud Detection and Prevention
This challenge is due to individuals who have a deep understanding of a companies internal controls
What is Insider Threats
This technique's goal is to get a confession from a suspect
What is Interrogation
AI and Data analytics became introduced
What is Present Day
The typical age of a fraudster
What is 31-45
This goal's purpose is to investigate claims, business interruption, or other financial losses
What is Insurance Claims Investigation
This challenge is due to the difficulty of sifting through large datasets to find few anomalies
What is Data Overload
This technique uses physical, electronic, covert, overt, and online ways to watch subjects
What is Surveillance
Led to the creation of SOX
What is Enron and Corporate Scandals
The department with the most cases of fraud within a business
What is operations?
This purpose's goal is to provide expert witness testimony
What is Litigation Support
This challenge is due to two or more people perpetrating schemes
What is collusion
This technique uses a timeline to understand the sequence of transactions
What is Document Analysis
Led to the use of computers in business
What is Advancement in Technology (late 1980s-early 1990s)
The department with the highest median loss due to fraud
What is Executive/ Upper Management
This purpose's goal is to assist M&A deals by assessing the financial health of target companies
What is Due Diligence
This challenge is due to hard to understand business agreements (international)
What is Complex Transactions
This technique uses multiple perspectives to gather relevant information
What is Interviews
Saw an increase in complex business transactions and international business
What is Post-World War II
The most common highest educational level of fraudsters
What is University Degree
This purpose's goal is to determine the extent and nature of financial improprieties and assess their impact on financial statements and business operations
What is Investigation of financial irregularities
This challenge is due to fraudsters coming up with new ways to bypass common detection methods
What is the sophistication of Fraud Schemes
This technique traces transactions back to their source to ensure they have proper documentation
What is Bank Reconciliations