Fraud disc 1

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School

Saint Leo University *

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505

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Management

Date

Apr 3, 2024

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docx

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Uploaded by DeanWildcatMaster364

Go to the ACFE Organization’s homepage and download the most recent copy of the Report to the Nations on Occupational Fraud and Abuse . Present a finding from the report. Please keep in mind the finding that you discuss should be unique from those of your classmates. How does this finding influence what we need to do or be aware of as a professional? Why? It is important to provide critical analysis and support your discussion with resources. It crucial to review your grading rubrics first. Finding: Fraud schemes affect companies in many different ways depending on the type of fraud committed and at different speeds. So, decisions must be made on how to direct anti-fraud efforts and to slow the velocity for which fraud occurs. Hi everyone, What I found most interesting from the 2022 ACFE Report to the Nations was how the velocity in fraud is measured and how it can impact a business. To start, fraud is defined by our book as any crime for gain that utilize deception as its main resource to achieve its goal (Wells, 2013). Velocity in fraud is the measure by which a particular type of fraud causes damage to a business in real dollar value. An example of this could be that financial statement fraud specifically causes $33,000 in damages to a company per month as found by the ACFE (Dorris, 2022). Where as something like payment tampering was found to only generate $5,600 in damages to a company per month (Dorris, 2022). This means that due to the higher dollar amount of the financial statement fraud it would have a higher velocity. Another way to check velocity is to monitor the number of times certain data elements occur within certain intervals and how often fraud occurs (Chargeback, 2022). Velocity is typically also affected by the number of perpetrators and what level of position that the primary perpetrator holds. With that all in mind, what we need to be aware of as professionals is that fraud varies in its impact to a company and should be addressed accordingly. So, that a company is not chasing smaller cases of fraud that

deal less damage than high velocity cases leading to just because the smaller cases were detected earlier. I believe that this helps to generate higher value to your company and thus overall improve its operations and bottom line. Additional benefits, to preventing fraud include prevention of revenue losses, controlling operational costs, improving customer and employee experience and prevention of damage to your brand (Mann, 2023). Overall, velocity in fraud examination is used to measure the impact of different fraud schemes and assist examiners in prioritizing fraud cases over one another. Through either dollar value or velocity generated by the number or status of perpetrators. Chargeback. (2022, September 26). Are velocity checks part of your fraud strategy? Chargebacks911. https://chargebacks911.com/velocity-checks/ Dorris, B. (2022). ACFE report to the nations: 2022 global fraud study . 2022 ACFE Report to the Nations. https://legacy.acfe.com/report-to-the-nations/2022/ Wells, J. T. (2013). Principles of Fraud Examination (4th ed.). Wiley Global Education US. https://reader2.yuzu.com/books/9781118803233 Mann, S. (2023, May 30). 4 ways your business benefits from a fraud management strategy . Accertify. https://www.accertify.com/4-benefits-fraud-management-strategy/

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