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Data Mining: This Stuff Really Works

“The Report identifies proactive data monitoring/analysis as the most effective anti-fraud control in helping reduce fraud losses and fraud scheme duration.” The section of the Association of Certified Fraud Examiners’ (the ACFE) recently released 2014 Report to the Nation
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Defining Unusual

ACL recently released an article highlighting the top fraud risks for 2014. Highlighted in the list were: Fraud designed to mask bribery Inflated performance in the financial services sector Asset and revenue deception within financial statements   Throughout the discussion and g
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“Travel & Entertainment Fraud and Corporate Credit Card Fraud – aren’t there more important fraud risks to worry about?”

I was speaking at a conference session a few months ago on using data analysis to detect fraud. The session was very interactive – always a good thing when attendees really engage – and we spent a while talking about some of the more common types of employee fraud and abuse, in
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How Big a Problem is Fraud? And What Should you be Doing About it?

Sounds like a really big problem Many of you will be familiar with the Association of Certified Fraud Examiners (ACFE) and their annual Report to the Nations on Occupational Fraud and Abuse. This report identifies the major categories of fraud by employees, including Corruption, Asset
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T&E Expenses: What Happens in Vegas Does Not Stay There

ACL’s Chris Stewart-Smith recently contributed an article to CFO.com. Here’s an excerpt:  Corporate executives need to be keenly aware of the importance of travel and entertainment expenses, particularly within the financial services industry, which requires at least some
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Top 25 Tests for Every Organization: Test 10 Payroll Timesheet Self-Editing

What motivates a henchman to fall under the subjugation of a super villain? Does subscribing to an evil order provide a sense of belonging? We shouldn’t ignore the influence of greed and the promise of wealth and power. In operations where wave after wave of minions are thrashed
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Top 25 Tests for Every Organization: Test 6, T&E – Double Dip

Harvey Dent, attorney of Gotham City turned evil supervillain, had two sides to him: one, a clean-cut attorney who did good, and one evil, performing cruel acts based on the results of a coin flip. “Who knows what evil lurks in the hearts of men?” Analytic Superheroes, up
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"How would you kick start data analytics?" ACL LinkedIn Group

Are you part of the ACL LinkedIn Community? Our group is a great place to share and exchange best practices for the use of data analytics across various industries and lines of business. One of the most popular discussions we’ve seen lately is this one, started by Andrew Fitzgib
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Effective Fraud Detection through Simple Data Analysis

Fraud Magazine recently published a good article on using data analysis for fraud detection. One of the notable aspects is that the frauds described do not require particularly complex analysis to discover. Some fairly basic tests can provide indicators of the most commonly performed
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The Fraud Perspective: Why Data Mining Should Top Your New Year’s Resolutions

As we embark on the New Year, resolutions abound. For 2013, consider what you are going to do in the area of fraud prevention and detection. With the prevalence of data, whether big or small, I would suggest incorporating data mining into your fraud detection and prevention procedures
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