Using Emojis and Geo-Location in Your Financial Investigations

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Using Emojis and Geo-Location in Your Financial Investigations

Think emojis are used only for personal text messages from Gen-Yers? Think again. According to Wale Ayantoye, emojis within payment apps could help you spot drug deals, gambling transactions, prostitution and fraudulent business trips.

Ayantoye is a Global Sanctions Consultant at Square Inc. and shared his experience of using data from emojis combined with geo-location to catch illegal activities by savvy fraudsters. “It’s more of a cat and mouse — we are thinking how are we going to catch up with them and they are thinking how are they going to evade our programs,” said Ayantoye. “For any compliance or fraud program, you need access to all of the information you can get.”

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Don't Be Scared of the Data

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Don't Be Scared of the Data

Beyond traditional sources of data lie valuable alternative sources. Bringing these various data sources together to develop a hypothesis for an investigation may seem intimidating at first, but in her session at the 30th Annual ACFE Global Fraud Conference titled, “Leveraging Traditional and Alternative Data in Investigations,” Lacey Keller, data science managing director at Gryphon Strategies, demonstrated a common-sense approach to gathering and shaping data. The goal of doing so is to create a narrative that those outside of an investigation can easily understand.

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The Future of Anti-Fraud Technology

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The Future of Anti-Fraud Technology

Technological advancements present opportunities for both fraud perpetrators and those trying to stop them. As criminals find new ways to exploit technology to commit their schemes and target new potential victims, anti-fraud professionals must ensure they are likewise adopting new technologies that are the most effective in navigating the evolving threat landscape.

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Data-Driven Investigation Leads to Second Ongoing Offense

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Data-Driven Investigation Leads to Second Ongoing Offense

In 2015, a complaint was received from an ophthalmologist concerning inconsistent refund amounts that had begun appearing in her financial system. The ophthalmologist explained that under the new Ontario Health Insurance Plan (OHIP) rules, her office charges $75 for an adult eye exam. If an ocular-related disease is discovered, then OHIP will cover the exam and the $75 charge is refunded.

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Working with Data Analytics to Track Tax Evasion

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Working with Data Analytics to Track Tax Evasion

Tax fraud is a problem that affects every country around the world. As the Panama Papers and subsequent Paradise Papers exposed, many individuals and organizations use anonymous shell companies and intermediaries to move money to jurisdictions with favorable tax laws. Some of this is done legally, and considered tax avoidance, but tax evasion is done illegally, making it fraud. In his session at the 2018 ACFE Fraud Conference Middle East, Varun Mehta, CFE, discussed some of the challenges of tracking down tax fraud and how data analytics can be an invaluable tool in that fight.

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