5 most scandalous fraud cases of 2024

This year’s most scandalous frauds incurred billions in losses and deeply impacted many lives. They also focus our attention on what goes wrong when organizations eschew vital anti-fraud fundamentals. Whether it’s defrauding government regulators or failing to employ proper cybersecurity protocols, many of the cases on this year’s list spotlight the severe consequences of acting unethically or lacking solid anti-fraud controls.

Fraudsters work year-round to perpetrate their schemes; we work year-round tracking and compiling those fraud cases as they’re reported in the news. We tap the expertise of our Advisory Council — a dedicated group of ACFE members who advise us on numerous anti-fraud matters — to vote on the most scandalous cases. Here are the most scandalous fraud cases of 2024.

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Exposing Collusion: How Forensic Accounting Uncovers Hidden Fraud and Protects Your Business

Collusion in auditing occurs when two or more individuals or entities conspire to circumvent internal controls, manipulate financial records, or hide fraudulent activities. It poses a significant challenge to auditors, as collusion can render even the most robust auditing processes ineffective. This is because the coordination among perpetrators often includes falsifying documents, suppressing information, or leveraging their access and positions to override controls. [Read more…]

How to Avoid Becoming a Victim of Business Financial Fraud

In today’s complex business environment, financial fraud remains a persistent threat. Understanding the common schemes, knowing the appropriate response, and being aware of liability issues can help businesses protect themselves. Here’s a comprehensive guide to help you navigate these challenges. [Read more…]