Recent News

How To Catch a Fraudster That Doesn’t Exist

Insights
GUEST BLOGGERNeil Dubord, CFE, Chief of Delta Police DepartmentWith the development of websites such as This Person Does Not Exist, anti-fraud professionals are continuing to see a rise in synthetic identity fraud. Synthetic identity fraud occurs when perpetrators combine piecemeal and, at times, factual information to create a new identity. These identities are cheap, quick and easy to produce, and may include a factual piece, or pieces, of information from sources such as breached data sites. Synthetic identity fraud is reportedly the fastest-growing type of financial crime, costing online lenders more than $6 billion annually. With the explosive growth of decentralized finance, synthetic identity fraud will continue to rise. Besides its insidious nature, synthetic identity fraud is also becoming one of the most challenging frauds to detect, investigate and prosecute. …
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Scammers in the Spotlight

Insights
Laura HarrisACFE Research SpecialistGrab the popcorn, uncork the wine and settle in for a wild ride. Fraudsters and their schemes are having quite a moment in pop culture. We’ve compiled a list of the most popular recent limited series, documentaries and films about fraud that can add context to known cases, illustrate some common fraud schemes and provide insight into the fraudsters at the center of these now infamous frauds. Keep in mind, some of these shows may have taken a few liberties with the details of the cases for entertainment purposes. Fruitcake Fraud (Discovery+)The year is 1896 — deep in the heart of Texas, in a little town called Corsicana, on a little street called Collin, a bakery was born. Famous for fruitcake, Collin Street Bakery became known worldwide, garnering…
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The Golden Era of Fraud Investigations is Upon Us — But it Relies on Better Financial eDiscovery

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GUEST BLOGGERSTod McDonald, CPA and Garth Leonard, CFE, Valid8 FinancialRecent reports show that PPP loan fraud soared in the last two years, putting billions of taxpayer dollars in the pockets of fraudsters and criminals. The Justice Department now faces an unprecedented number of cases to investigate and experts suggest it will be difficult, if not impossible, to build cases and convict all of those responsible. The merits of speeding aid versus having required additional guardrails can be debated endlessly but regardless, one thing stands out about these fraud cases: it’s challenging to “follow the money,” and the burden on teams having to investigate is exceptionally high.How can we better assess which fraud cases warrant further investigation and find suspect financial relationships and data? How can we improve on what CFEs…
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