Seven Steps to Jump Start Your Anti-Fraud Program
Fraud, whether it occurs in the form of carefully crafted ponzi scams, fudging financial reports or theft from one’s own employer, is reaching alarming proportions and is not without its costs. Businesses and government agencies worldwide suffer hundreds of billions in lost or misused funds, diminished value, and irreversible damage to company reputation and customer trust. ACL director of technology application Peter Millar discusses data analysis techniques and tips for detecting and preventing fraud. (Corporate Compliance Insights, Aug. 16, 2010) Read the article...

Protect Your Purchasing Cards with Data Analytics
Corporate purchasing cards have been steadily gaining popularity over the past several years – and with good reason. Purchasing cards (p-cards) can automate supplier payments, eliminate unnecessary paperwork and trim costs. But, p-cards also come with inherent risks for organizations large and small. Employees can be tempted to abuse p-card program controls and in extreme cases, commit sophisticated, high-level fraud. Whether you have 50 employees with p-card privileges or 5,000, data analytics offer a powerful way to minimize your organization’s risk exposure and validate internal controls. Practical advice from ACL Director of Services Product Management Steve Biskie, CPA, CITP, CISA. (AuditNet Newsletter, August 2010) Read the article...

Turning to Data Analysis for Prevention and Detection
More than 40 percent of frauds are initially detected by tips, according to the ACFE’s 2010 Report to the Nations on Occupational Fraud and Abuse. Peter Millar, Director of Technology Application for ACL Services Ltd., points out that the human element of this detection method still requires a person to come forward with suspicions – often after a length of time has passed and the damage has been done. (Association of Certified Fraud Examiners, July 2010) Read the article...

Commercial Card Options Can Offer Controlled Growth
Wrangling a commercial card portfolio can be tricky, but it isn’t rocket science – unless some of your cardholders are rocket scientists. That’s the case at defense giant Lockheed Martin, where Rick Swartwood, senior finance manager, and a staff of eight ride herd on more than 2.5 million transactions a year across multiple continents. ACL customer Rick Swartwood, senior finance manager for Lockheed Martin, is quoted. (AP Matters Magazine, July-Aug. 2010) Read the article...