US: FRAUD CASES ARE BECOMING MORE COMPLEX

On 3 August, an article from the Society of Corporate Compliance and Ethics in the US says that the Association of Certified Fraud Examiners (ACFE) has been publishing a study on fraud every 2 years since 1996. This year’s edition is said to be filled with plenty of interesting data culled from 2,110 fraud cases submitted by fraud examiners from investigations conducted between January 2020 and September 2021 – and is useful for compliance professionals, particularly in identifying trends that should be considered in conducting compliance risk assessments.  The article comments on the increasing complexity of fraud cases over the years.  The 2022 report indicates 86% of cases involve asset misappropriation, 50% involve corruption, and 9% financial statement fraud; with the big jump in corruption, but without any decrease in asset misappropriation.  The article also notes that, in 2022, single-perpetrator schemes are down to 42%, meaning that schemes involving collusion are now more common than those involving one person — and by a pretty large margin.

https://compliancecosmos.org/fraud-cases-are-becoming-more-complex?authkey=4438d1ecce88639a5ee2d6cb1cfea2a13291a876211a0fe7053c93e995e60f08

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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