Fraud Management & Cybercrime , Fraud Risk Management
Top Fraud Trends to Watch in 2023As Economic Conditions Worsen, Fraud Will Rise, Warns Fraud Examiners Association
What is high on organizations' list of fraud concerns? Andi McNeal, vice president, education at the Association of Certified Fraud Examiners, shares details on what she is hearing from anti-fraud practitioners.
"We know organizations are starting to really think through fraud risks related to digital assets and cryptocurrencies, whether they are financial institutions or insurance companies or really any organization that has customer accounts where digital assets may start to intersect with their business operations," McNeal says.
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She says the downturn in the economy this year appears to be fueling new fraud risks. "We have seen this before. When the economy takes a turn, it really boils down to fundamentals. We know that individuals are more likely to commit fraud when normal conditions worsen," she says.
In this video interview with Information Security Media Group, McNeal discusses:
- Fraud types on the rise, including crimes by internal trusted parties affected by the downturn, business scams and financial reporting scandals;
- The correlation between economic downturns and fraud activity;
- The best approaches to mitigate fraud risks.
McNeal oversees the development and production of educational materials related to the prevention, detection and investigation of fraud. She is co-author of the ACFE Report to the Nations, a biennial report on the costs and effects of occupational fraud, as well as several other anti-fraud benchmark reports.