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Companies Failing to Use Technology to Fight Fraud

While an increasing number of malicious actors are using technology to perpetrate fraud, the vast majority of companies are not using the technological resources available to fight it.

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According to KPMG’s new report Global Profiles of the Fraudster, technology significantly enabled 29% of the 110 fraudsters analyzed in North America and 24% of the 750 fraudsters analyzed worldwide. What’s more, 25% of frauds that hinged on the use of technology were detected by accident rather than safeguards or analytics, compared to just 10% spotted by accident in cases where the criminals did not use technology.

Indeed, proactive data analytics was not the primary means of detection in any North American cases and was only used to detect 3% of fraudsters worldwide.

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In North America, the most common means of detecting fraud were: tip offs and complaints, management review, accidentally, suspicious superiors and internal audit.

KPMG found that weak internal controls contributed to 59% of frauds in North America.

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Companies are failing to focus on strengthening controls, the firm reported, despite the increasing threat of newer types of frauds, such as cyber fraud and continued traditional forms of wrongdoing.

“In addition to ensuring internal controls are thoughtfully designed, companies should deploy effective training and instill a culture of integrity so that controls are properly executed,” said Phillip Ostwalt, partner and Global Investigations Network Leader at KPMG LLP. “Companies should also adopt new controls as their risk profiles change. Ongoing risk assessments can help cost-constrained companies ensure they are properly investing in such controls.”

Who are these fraudsters?

  • 65% are between ages 36 and 55
  • 39% are employed by the victim organization for over six years, most in operations, finance or office of the chief executive
  • 42% operate in groups and 52% of collusive frauds involved external parties

Check out the infographic below for more of the study’s findings:

Profiles of the Fraudster InfographicFraudster Infographic Women

How Phishing Emails Can Threaten Your Company

Impostor emails, dubbed “business email compromise” by the FBI, are increasing and targeting companies of every size, in every part of the world. Unfortunately, victims often do not realize they have been had until it’s too late. There are no security tool alarms and there is no ransom note. But because systems appear to be running as normal, everything seems like business as usual. And that is the point, according to Proofpoint’s study, “The Imposter in the Machine.”
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From New Zealand to Belgium, companies from every industry have suffered losses, the study found. Here is a small sampling of recent impostor attacks during the last year:

  • A Hong Kong subsidiary at Ubiquiti Networks Inc. discovered that it had made more than $45 million in payments over an extended period to attackers using impostor emails to pose as a supplier.
  • Crelan, a Belgian bank recently lost more than $70 million due to impostor emails, discovering the fraud only after the company conducted an internal audit.
  • In New Zealand, a higher education provider, TWoA, lost more than $100,000 when their CFO fell victim to an impostor email, believing the payment request came from the organization’s president.
  • Luminant Corp., an electric utility company in Dallas, Texas sent a little over $98,000 in response to an email request that they thought was coming from a company executive. Later it was learned that attackers sent an impostor email from a domain name with just two letters transposed.

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Most often, company executives are targeted, with two common angles. In one case, the always-traveling executive is studied by attackers, who use every resource available to understand the target’s schedule, familiar language, peers and direct reports. Because the executive is frequently on the road, direct reports who routinely process payments can easily be victimized.

Another ploy involves suppliers and how they invoice.

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For example, the supplier’s language, forms and procedures are used to change bank account information for an upcoming payment. If the attackers are successful, a company may find that they have been making payments to them for months without knowing it.

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For more about the risks of phishing, check out “The Devil in the Details” and “6 Tips to Reduce the Risk of Social Engineering Fraud” from Risk Management.

Emerging Market Risk: Leaders, Laggards and Rules for Avoiding Loss

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When the developed world’s economies ground to a halt during the Great Recession of 2009, large, Western-based multinational companies turned their growth-hungry eyes toward developing markets. The slow recovery that followed the recession in the U.S. and Europe did little to change this trend. In fact, according to the United Nations Conference on Trade and Development (UNCTAD), foreign direct investment in emerging markets reached a new high in 2013 of $759 billion (the most recent year for which data is available). This represented more than half the world’s estimated $1.46 trillion total outward investment flows for that year. Given this intense interest in doing business in emerging markets, FTI Consulting, a global professional services firm, conducted a survey in November and December 2014 on the character of the risks businesses face in these markets and how they attempt to mitigate them.

FTI surveyed 150 companies with revenues of more than $1 billion and business interests in developing economies, as well as interviews with 32 executives focused on compliance and risk management from those companies. Our results indicated an enormous difference between leaders (defined as companies whose self-reported losses as a percentage of revenues was in the lowest quartile, averaging 0.2%) and laggards (those in the highest quartile, with a loss rate averaging 2.2% of revenues), not only in the ways they managed overseas risk, but how they thought about it.

Quantifying Risk: The Numbers

According to our survey, 83% of multinational companies have suffered significant losses in emerging markets since 2010, with an average cost per company over that time of $1.38 billion, and the average loss per year $260 million, or 0.7% of revenues.

In virtually all loss-making incidents (99%), our respondents reported that the issue was either a matter of a regulatory violation, bribery or fraud, or reputational damage. In incidents with the highest losses, two or three of these types of risk converged: 60% of reported incidents involved more than one type, 35% involved two, and 25% were perfect storms that involved all three.

Regulatory issues are the most frequent cause of loss (either due to the difficulty of keeping up with ever-changing regulations or lax or inattentive corporate compliance policies), but legal and criminal issues (engaging in fraud or paying bribes) lead to the most expensive incidents. The most frequently cited consequences of getting caught were noted as reputational harm (67%), loss of revenues (56%), and prosecution (44%). In all cases, reputational issues invariably make matters worse.

These are serious issues, and some companies respond with equal seriousness. Some do not.

Leaders vs. Laggards: The Three Greatest Ways They Differ

According to our survey, there are enormous differences in the ways companies that have suffered the lowest rate of loss in emerging economies and companies that have experienced the highest approach risk mitigation in the three major categories. (See Figure 2.) From these differences, we have derived three rules that leaders follow to best mitigate overseas risk.

Rule 1: Walk Away From Countries Where Compliance is Impossible

Our leading companies believe it is more important to avoid doing business in jurisdictions where compliance may not be possible than do laggards by a ratio of more than 5:1. In other words, our leaders are willing to walk away, even when environments are hyped and offer the potential for quick profits. Globalized companies often overestimate their ability to estimate and analyze overseas risk accurately.

For instance, it is extraordinarily difficult to stay compliant with Brazil’s tax laws. According to Renato Niemeyer, Chief of Tax Legislation in Roraima State, each of Brazil’s 27 states has its own tax regulations “and the rules change all the time.” Neimeyer said this has led some companies to postpone paying taxes as the penalties for late payment are relatively low. However, when a company does pay the penalties, “corrupt officials will solicit the organization for bribes in order to lessen the penalties,” Neimeyer said. This, of course, is the proverbial slippery slope that can lead to both bribery and fraud prosecution and concomitant reputational damage – the perfect storm.

Latin America is also growing increasingly green in its politics, and environmental regulations are becoming problematic, especially in the energy, mining and construction sectors. Chevron vs. Ecuador, the nasty, ongoing, eight-year trial over liability concerning alleged environment damage, is an example of how damaging running afoul of environmental regulations can be.

When successful companies do attempt to do business in countries where it is difficult to comply with regulations, they invest time and energy into helping host countries develop more rational regulatory frameworks. Our leaders consider this kind engagement more important than do laggards by a ratio of almost 3:1.

Rule 2:  Keep to the Straight and Narrow

In most developed markets, it is understood that paying bribes to win or facilitate business is bad business and, if there were any doubt, the U.S. Foreign Corrupt Practices Act (FCPA) and U.

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K. Bribery Act remove them. But in many developing economies bribery is just how business gets done. In China, facilitation payments are customary to keep projects on target. The long-established Chinese custom of giving gifts to customers violates both the FCPA and U.K. Bribery Act. For our leading companies, the first rule for avoiding getting caught in the coils of bribery and corruption is to “conduct continuous dialogue with local staff on compliance issues.” Leaders rate that more important than do laggards by a ratio of nearly 7:1.

It is very difficult for local managers to resist making a facilitation payment when that’s the only way to get a pallet off a loading dock, or a critical part to a factory. That’s why companies that avoid getting in trouble make significant investments in internal communication and compliance training. They also go the extra mile when conducting due diligence on potential local partners and suppliers that may not have the same commitment to hewing to the straight and narrow as do their own organizations.

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Companies sometimes forget that the contractors their local managers hire, and the subcontractors the contractors hire, also need to be vetted and watched. Ted Unton, a former director of global financial compliance at Bemis Company, a U.S. global manufacturer, said his company has hired private investigators to look into partner companies and even partner executives.

Rule 3: Walking the Compliance Talk

Our respondents said that reputational damage – of the sort famously experienced by Walmart (accused of bribery in Mexico) and McDonald’s (accused of using tainted meat in China) – most often leads to loss of revenues, followed by exclusion from markets and even expropriation of assets. In our research, we found the greatest difference between how leaders and laggards approach mitigating reputational risk was how the regarded maintaining a good reputation over the long term. Leaders rate it more important than do laggards by an impressive ratio of 10:1.

This variance is mind-boggling when one considers that those companies that do not rate the importance of maintaining a good reputation highly have, by definition, suffered far greater losses than those that do.

Maintaining that good reputation is difficult as local populations are prone to regard multinational corporations as bad actors, and rich exploiters of resources and people – a belief often reinforced all-too willingly by the local press. It requires action and investment. One former president of an energy company operating in Bangladesh (who requested anonymity) told us his company, which had purchased land for a 40-mile pipeline, set up offices to help displaced farmers find jobs.

By demonstrating its concern for the community and by conveying that the company was involved for the long-term, planned protests were averted. (Indeed, many of the farmers were hired by the company and their living standards improved.) According to the former president, the company became seen as a benefactor, not a despoiler, and he believes that reputation will improve the company’s future business prospects.

Notably, laggards believe that running “preemptive publicity campaigns to counteract negative reactions” is a fine strategy. Leaders do not. That spread is one of the largest differences we’ve found.

Do It Right or Don’t Do It at All

As we’ve seen, multinational companies have suffered significant and severe losses in emerging markets. And the difference in the loss-rate as a percentage of revenue – 2.2% for the laggards; 0.2% for the leaders – is certainly wide. Developing risk management competence in the three major categories of risk defined by our survey not only helps to stem these losses, but builds a strong foundation for future profits.

It is bad to be a laggard. What’s more, it is unnecessary.

Should Your Company Install an Office Surveillance System?

There are plenty of compelling reasons to install a surveillance system in your office, but there are also a number of reasons not to. Cameras are becoming more and more common in our daily lives, and choosing whether or not to embrace them in your own workplace can be a challenging decision.

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There are advantages and disadvantages to consider before installing cameras and phone/Internet monitoring. Here are a few of them:

Pro: Cameras prevent theft

There is no denying that a camera monitoring system is going to drastically reduce incidents of employee theft. Studies have shown time and time again that areas that are clearly monitored by camera systems have significantly less crime than places that suggest anonymity. If you have a problem with items going missing around the office, installing cameras can be a way of showing that you are aware of the problem without directly confronting a potentially innocent employee. Cameras are a highly effective deterrent that can quickly nip a theft problem in the bud.

Con: Cameras may offer a false sense of security

If you have a particularly devious employee, cameras may actually work against you. If an employee really wants to steal from the office, he or she will probably find a way to do so regardless of the cameras. You may feel like you do not need to do anything else once cameras are installed, which can cause you to let your guard down. For this reason, cameras should be used as an addition to your current loss prevention plan, rather than being used as the primary deterrent.

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Pro: Cameras provide evidence

If an unforeseen incident occurs on your company’s property, you may have to deal with a lawsuit. Having cameras installed ensures that you have indisputable evidence to back up your story. If you suspect an employee of misconduct, you can simply check the camera to make sure your worries are not misguided. You never want to have to depend on your cameras, but it is certainly nice to know that they are there when you do.

Con: Employees may feel stifled

Any office manager knows that keeping morale up is essential to keep productivity high. Although you may mean well, installing cameras can sometimes be viewed as an invasion of privacy. It is important to form a bond of trust with your employees, and cameras or phone/Internet monitoring can undo the work you have done to establish meaningful relationships. However, explaining your stance on the issue and approaching it head-on may help to alleviate any concerns your staff may have.

Pro: Monitoring employees provides valuable training materials

Sometimes explaining how to handle a situation just isn’t as effective as being able to show a trainee a video or recording of a similar situation. Or, if an accident occurs, having video or audio recordings allows you to see what went wrong and prevent problems next time. Often words do not carry nearly as much impact as a recording of a real-life situation, so in-office surveillance can make your employees better at their jobs and more equipped to handle tough situations.

Con: The cost

Although today’s surveillance cameras are surprisingly budget-friendly, you still have to consider the cost of hiring employees to monitor them. You may also need to have them repaired if something goes wrong. Depending on the size of your office, buying multiple cameras and monitors can get quite pricy. The cameras often pay for themselves in the long run, however, by reducing theft and increasing productivity.

Choose based on your situation

Every office is different, and what works for one may not be ideal for another. Cameras can be absolutely essential in some situations, or you may be able to operate just fine without them. You may want to start with just a camera or two to see how your employees react, and then add more if necessary. Making the right choice for your office can be challenging, but in-office surveillance can be a valuable way to protect your livelihood and improve employee conduct.