Fraud detection through data analysis

ACFE workshop

June 4, TriFinance hosted an ACFE workshop on fraud detection through data analysis.The Association of Certified Fraud Examiners (ACFE) is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. In this article we introduce the 2018 Report to the Nations, the largest global study on occupational fraud. In The red flags of fraud, Koen Albers discusses some highlights of this year's Report to the Nations.

Article by Koen Albers, vice president ACFE, Belgian Chapter

The ACFE was founded in 1988 by fraud expert and author, Dr. Joseph T. Wells, CFE, CPA. His insight as an accountant-turned-FBI agent led to the formation of a common body of knowledge known today as fraud examination. One thing Dr. Wells came to recognize in the early days of the ACFE was that the anti-fraud profession suffered from a glaring weakness: we simply did not know enough about the crimes we were trying to fight. So, he commissioned the first Report to the Nation in 1996.

Most comprehensive source of occupational fraud data

The 2018 Report to the Nations is the 10th edition already, and the report remains the most comprehensive and widely quoted source of occupational fraud data in the world. Based on information from real fraud cases from around the globe, the report is an excellent resource for those interested in how occupational fraud is committed, how it is detected, who commits it, and how organizations can protect themselves from it.

The 2018 report is based on an analysis of 2,690 cases of occupational fraud that were investigated between January 2016 and October 2017. All information was provided by Certified Fraud Examiners (CFEs) who investigated those cases. The fraud cases in this study came from 125 countries throughout the world.

The goal of the Report to the Nations is to compile detailed information about occupational fraud cases in five critical areas:

  • The methods by which occupational fraud is committed
  • The means by which occupational frauds are detected
  • The characteristics of the organizations that are victimized by occupational fraud
  • The characteristics of the people who commit occupational fraud
  • The results of the cases after the frauds have been detected and the perpetrators identified

Read the discussion of the 2018 Report to the Nations: The red flags of fraud

About ACFE

Today, ACFE represents more than 85,000 members in more than 180 countries who are organized in regional or country chapters with for example 19 chapters in Asia, 16 chapters in Africa and 26 chapters in Europe. The Belgian chapter was founded in 2006 and has approximately 120 members.

The mission of the ACFE is to reduce the incidence of fraud and white-collar crime and to provide the training and resources needed to fight fraud more effectively. The ACFE provides educational tools and practical solutions for anti-fraud professionals through events, education, publications, networking, and educational tools for colleges and universities.

In Belgium, most of the ACFE events are open to non-members as well and are organized in collaboration with other organizations such as the Institute of Internal Auditors (IIA) or the Institute of Fraud Auditors (IFA).



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Read more about the 2018 Report to the Nations in the article 'The red flags of fraud', where Koen Albers discusses some of the report's highlights: 'Understanding and recognizing the behavioral red flags displayed by fraud perpetrators can help organizations detect fraud and mitigate losses. The survey highlighted that 45 percent of fraud offenders had committed some form of non-fraud workplace misconduct prior or during the time of the fraud, which indicates a link between occupational fraud and other forms of workplace misconduct such as bullying or intimidation and excessive absenteeism.'