Forensic Strategic Solutions’ Post

As the Association of Certified Fraud Examiners (ACFE)'s 2024 Fraud Week marches on, so do the sharable resources! Many cases of fraud have stemmed from unethical workplaces with bad "tone at the top." So, how can leaders help shape their work environments in favour of positive ethics and "tone at the top"? This quick guide from the ACFE provides a list of high-level tips for those seeking to alter company culture for the better. #FraudWeek #EthicalWorkplaces #FraudPrevention

𝐖𝐡𝐲 𝐃𝐨 𝐏𝐞𝐨𝐩𝐥𝐞 𝐂𝐨𝐦𝐦𝐢𝐭 𝐅𝐫𝐚𝐮𝐝? 🤔 Fraud is a global issue that impacts individuals, organizations, and economies. But why do people commit fraud? Understanding this behavior helps us build stronger defenses. The 𝐅𝐫𝐚𝐮𝐝 𝐓𝐫𝐢𝐚𝐧𝐠𝐥𝐞, developed by Dr. Donald Cressey, highlights three main factors: 1️⃣ 𝐏𝐫𝐞𝐬𝐬𝐮𝐫𝐞: Financial struggles, personal debts, or unrealistic targets can push individuals toward unethical actions. 2️⃣ 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲: Weak internal controls or oversight gaps provide the chance to commit fraud without detection. 3️⃣ 𝐑𝐚𝐭𝐢𝐨𝐧𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧: Perpetrators justify their actions—telling themselves, “I deserve this” or “I’ll pay it back later.” By addressing these factors, businesses and individuals can reduce the risk of fraud. Stronger controls, ethical leadership, and creating awareness are vital steps. Let’s stand together this Fraud Awareness Week to promote transparency and ethical behavior in all aspects of life. #FraudAwarenessWeek #FraudPrevention #ACFE #Ethics #FraudDetection #StopFraud #RiskManagement #CorporateGovernance #InternalControls #FraudTriangle #TransparencyMatters #EthicalLeadership #Integrity #Compliance #ProtectYourBusiness #Accountability #ForensicAccounting #FraudWeek #Fraud #Investigation #SpeakUp #Whistleblowing

🔍 Unveiling the Reality of White-Collar Crime 🔍 Ever wondered about the unseen dangers lurking within the corporate world? Our latest infographic sheds light on the complex world of white-collar crime, exposing the methods, motives, and consequences behind these illicit activities. 💼 From corporate accounting scandals to intricate fraud schemes, explore real-life examples that illustrate how individuals misuse their positions of trust and power for personal gain. 🔒 Learn how organizational structures provide fertile ground for fraudulent behavior, and discover the contributing factors driving the rise of white-collar crime in today's interconnected world. 💡 Educate yourself and your network on the red flags to watch out for and the measures to safeguard against financial fraud. Together, let's raise awareness and promote ethical conduct in the business world. Share this infographic to empower others with the knowledge to protect themselves and their organizations. #whitecollarcrime #ethicalbusiness #financialawareness #stayvigilant 💼🚫🔒

💡🚨 Empowering Whistleblowers 💡🚨 📊 Did you know that whistleblower reports account for 42% of fraud detection, according to the Association of Certified Fraud Examiners (ACFE) making it the most effective method of detection. This is more than double the rate of detection through #internalaudits or #compliancereviews. White-collar crime costs organsations millions, undermining the trust they put on their employees. Yet, most of these crimes—like #collusion, #insidertrading, or #taxevasion are hard to #detect. A recent report by The Australia Institute highlights how a whistleblower rewards system, modeled on the American system, could transform Australia’s battle against white-collar crime. The U.S. has recovered AU$134 billion through such programs while incentivising #whistleblowers with USD$11 billion in rewards. Could it happen here? Imagine the impact in Australia, reduced #corruption, #fraud, #trust in the system? 🤔 🌱 If you would like to discuss your organisation's whistleblower obligations or detection methods please do not hesitate to contact me or our team at any time. Article link in the comments below 👇 #fraudschemes #duediligence #scams #investigation #fraudprevention #fraudanalytics #fraudinvestigation #fraudawareness #fraudforensics #fraudster #fraudrisk #fraudsters #fraudtriangle #fraudscams #fraudinvestigations #frauddetection #fraudprotection #fraudfighters #fraudulent #fraudmanagement #scam #fraudalert #rsmforensics #rsmaustralia #cfe #acfe #acfemelbourne #integrity #integritymatters #deception #illegal #defraud #redflag #redflags #businessemailcompromise #bec #bribe #bribery

I had the privilege of attending the AML & ABC Forum hosted by Informa and given the chance to listen and speak to many compliance leaders.   A key topic of conversation centred around the UK's new 'failure to prevent' fraud legislation, which will render large companies liable for fraud committed by associates.   Given the breadth of this legislation, and the prospect of unlimited fines, fraud and compliance training can no longer simply be a tick box exercise. Curious to see how this unfolds and how firms respond.   We know this comes down to engaging all employees to raise awareness and change behaviour, in order to truly foster a culture of compliance. 🔒 #complianceculture #compliancetraining A particular thanks to Gavin Bain Michelle Coggon Lisa Bennett Louie Vargas for the in-depth panels and discussions. 😊

🛡️ November is Fraud Awareness Month! 🛡️ Fraud can happen anywhere, impacting organizations and individuals alike. This month, let's focus on recognizing the signs of fraud and empowering ourselves with the knowledge to prevent it. 🔍 Here are some ways to take action: Stay Informed: Know the latest fraud schemes and tactics. Strengthen Controls: Implement and review your internal controls. Encourage Reporting: Create a safe space for employees to report suspicious activity. Promote Ethics: Lead by example and foster a culture of transparency. Let’s work together to reduce risk and build a fraud-resistant environment! 🌐 #FraudAwarenessMonth #StayVigilant #InternalControls #EthicsAndIntegrity

International Fraud Awareness Week 2024, We think that fraud affects 5% of companies' turnover each year, but did you know that 70% of financial net losses come from the external environment? One of my mentors told me that the bigger a company is, the more prone it is to fraud, probably because it's a victim of its own success... From now on, you'll see fraud in a whole new light , Like an eagle, let's look around us to protect our business, #FraudFighter #ProtectBusiness # #Responsability #Accountability #Authority

𝐓𝐡𝐞 𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞 𝐨𝐟 𝐇𝐨𝐭𝐥𝐢𝐧𝐞𝐬 𝐚𝐧𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐌𝐞𝐜𝐡𝐚𝐧𝐢𝐬𝐦𝐬 𝐟𝐨𝐫 𝐏𝐫𝐞𝐯𝐞𝐧𝐭𝐢𝐧𝐠 𝐅𝐫𝐚𝐮𝐝 📞🔍 Fraud thrives in silence, which is why establishing confidential hotlines and reporting mechanisms is one of the most effective ways to detect and prevent it. According to the ACFE, tips are the most common way fraud is uncovered, accounting for nearly half of all cases detected. 𝐖𝐡𝐲 𝐇𝐨𝐭𝐥𝐢𝐧𝐞𝐬 𝐚𝐧𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐌𝐞𝐜𝐡𝐚𝐧𝐢𝐬𝐦𝐬 𝐌𝐚𝐭𝐭𝐞𝐫: 🔴 𝐄𝐚𝐫𝐥𝐲 𝐃𝐞𝐭𝐞𝐜𝐭𝐢𝐨𝐧: They empower employees, customers, and stakeholders to report suspicious activities before they escalate. 🔴 𝐏𝐫𝐨𝐦𝐨𝐭𝐢𝐧𝐠 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲: When people know there’s a safe way to report misconduct, it fosters a culture of integrity and transparency. 🔴 𝐀𝐧𝐨𝐧𝐲𝐦𝐢𝐭𝐲 𝐚𝐧𝐝 𝐂𝐨𝐧𝐟𝐢𝐝𝐞𝐧𝐭𝐢𝐚𝐥𝐢𝐭𝐲: Effective mechanisms ensure that whistleblowers feel safe, protected, and free from retaliation. 🔴 𝐂𝐨𝐬𝐭 𝐒𝐚𝐯𝐢𝐧𝐠𝐬: Detecting fraud early reduces financial losses and reputational damage. 𝐁𝐞𝐬𝐭 𝐏𝐫𝐚𝐜𝐭𝐢𝐜𝐞𝐬 𝐟𝐨𝐫 𝐈𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐌𝐞𝐜𝐡𝐚𝐧𝐢𝐬𝐦𝐬: ✅ Offer multiple ways to report, such as phone hotlines, online portals, and email. ✅ Ensure anonymity and confidentiality to encourage honest reporting. ✅ Provide training and awareness campaigns to educate stakeholders about the process. ✅ Act swiftly on reports and follow up with proper investigations. This Fraud Awareness Week, let’s champion the power of speaking up and creating safe environments for reporting misconduct. Together, we can make a difference! #FraudAwarenessWeek #ACFE #Fraud #FraudPrevention #FraudDetection #StopFraud #TransparencyMatters #Ethics #Integrity #SpeakUp #Whistleblower #WhistleblowerProtection #Accountability #FightFraud #FraudAwareness #SecureYourBusiness #Whistleblowing #HotLine

Corporate Fraud: A Threat to Businesses and Stakeholders Corporate fraud, encompassing Financial Statement Fraud, Asset Misappropriation, and Corruption & Bribery, poses a significant risk to organizations of all sizes. This evolving threat not only leads to substantial financial losses but also inflicts irreparable harm on reputations. The implications of corporate fraud extend well beyond financial impacts, affecting shareholders, employees, and customers alike. In the face of heightened regulatory scrutiny, businesses must address the risks associated with corporate fraud proactively. Implementing robust internal controls, establishing whistleblower programs, and conducting regular fraud awareness training are crucial steps toward safeguarding against potential threats. By prioritizing transparency, integrity, and accountability, organizations can navigate challenges, mitigate risks, and foster a more resilient future. #CorporateFraud #Ethics #FinancialCrime #Governance #Leadership

At Diligence 360, we understand that fraud and related criminal activities can have devastating effects on businesses, individuals, and entire communities. These crimes not only undermine financial stability but also erode trust and integrity within organizations. That's why we're dedicated to not just identifying and addressing these issues, but also to fostering a culture of vigilance and ethical behavior. Contact us today for fraud solutions info@diligence360.com