Could your company be a victim of procurement fraud? (It’s more likely than...
A few years ago, PwC announced that procurement fraud was the second most-commonly reported economic crime worldwide. It’s a broad term, covering everything from bid rigging and supplier collusion to...
View ArticleFighting fraud in business: who takes the lead?
Thanks to the fast-paced international nature of the modern business world, organisations face increasing pressure to identify efficiencies and streamline operations to protect their bottom line....
View ArticleSFO: friend or foe?
Last week’s announcement by the UK Serious Fraud Office (SFO) that it will shortly publish further guidance to clarify its rules on self-reporting of fraud and corruption offences will doubtless have...
View ArticleWhy banks need to continue to take the fight to fraud
The UK banking industry has a billion-pound fraud problem, with £1.2bn lost to fraud and scams in 2018. There’s no shortage of statistics that further expose the sheer scale of the problem, such as...
View ArticleTax theft is more prolific than you might think
For years the financial services sector has been a target for malicious attacks and breaches. You only have to look at some of the high-profile incidents over that time to see why the financial sector...
View ArticleFour steps for beating procurement fraud
Procurement fraud is always a difficult subject. No one wants to think their employees or suppliers are trying to defraud them, but it’s imperative that companies keep on top of anti-fraud efforts....
View ArticleFighting fraud: When a watchdog needs a bloodhound
A series of high-profile scandals and business failures at some of the best-known corporate names in the UK has thrown technical accounting issues into the spotlight. It has also re-ignited the debate...
View ArticleSifting the haystack: what are the must-have datasets for fraud teams?
It’s hard to overstate the impact of financial fraud. It is pervasive, destructive, and distressing for victims. It erodes trust in business and society, and exposes organisations to high levels of...
View ArticleSFO corporate cooperation guidance – How far should you go to cooperate?
The UK’s Serious Fraud Office (SFO) published its widely anticipated Corporate Cooperation Guidance on 6 August 2019. The five-page memorandum sets out, for the first time, indicators of good practice...
View ArticleTop 10 anti money laundering software (AML) Software
According to the United Nations Office on Drugs and Crime (UNODC), the estimated amount of money laundered globally each year is 2 to 5% of global GDP, or $800 billion to $2 trillion in current US...
View ArticleRecourse options available for corporate victims of payment frauds
The case of Japanese publisher Nikkei, recently reported to have lost $29m in an alleged fraud involving a third party who purported to be a management executive, is an all too familiar example of the...
View ArticleFraud is going up – is your business prepared?
Fraud experts use the Fraud Triangle to focus attention on the three conditions that make fraud more likely: pressure, opportunity, and rationalisation. The current pandemic has created a situation in...
View ArticleVideo: Payments segment prioritising fraud prevention and New Payments...
The payments segment is frequently and rapidly changing, from growing fraud prevalence, to the proposed New Payments Architecture, all within a dynamic and innovation-driven landscape. We spoke with...
View ArticleFraud on a company: Which route to take – Insolvency or Civil Fraud?
As the tide goes out and fraudulent conduct is increasingly discovered, victims will need to consider all options available to them. Whilst the default option for victims tends to be pursuing direct...
View ArticlePrioritising AML: mitigating reputational risk
When Huawei CFO Wanzhuo Meng was arrested in Canada on behalf of the US government in 2018, it sent shockwaves throughout the CFO community. Meng, who oversaw the finances at one of the largest...
View ArticleA CFO’s approach to robust cybersecurity planning
Chief financial officers must create cybersecurity strategies to prevent their businesses falling victim to hi-tech criminals, according to David Biayna Neal, security consultant at MHR. “Without a...
View ArticleLyft’s $10 million oversight: The importance of transparent financial...
Lyft, the San Francisco-based ride-sharing giant, agreed to a $10 million settlement with the SEC over claims that it failed to disclose a board director’s financial interest in a significant...
View Article
