6,633 research outputs found

    Detecting fraud: Utilizing new technology to advance the audit profession

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    Intelligent Financial Fraud Detection Practices: An Investigation

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    Financial fraud is an issue with far reaching consequences in the finance industry, government, corporate sectors, and for ordinary consumers. Increasing dependence on new technologies such as cloud and mobile computing in recent years has compounded the problem. Traditional methods of detection involve extensive use of auditing, where a trained individual manually observes reports or transactions in an attempt to discover fraudulent behaviour. This method is not only time consuming, expensive and inaccurate, but in the age of big data it is also impractical. Not surprisingly, financial institutions have turned to automated processes using statistical and computational methods. This paper presents a comprehensive investigation on financial fraud detection practices using such data mining methods, with a particular focus on computational intelligence-based techniques. Classification of the practices based on key aspects such as detection algorithm used, fraud type investigated, and success rate have been covered. Issues and challenges associated with the current practices and potential future direction of research have also been identified.Comment: Proceedings of the 10th International Conference on Security and Privacy in Communication Networks (SecureComm 2014

    Does Canada Have a Problem with Occupational Fraud?

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    Small and medium-sized enterprises (SMEs) are an important collective force in the Canadian economy, however the visibility and economic power of small businesses suffer due to their size and frequent turnover. When it comes to the issue of businesses being subject to occupational fraud, the moderate visibility of SMEs only contributes to the challenge of assessing the real scope of the problem. This paper seeks to examine the prevalence and types of occupational fraud experienced by Canadian SMEs as well as gathers information on prevention and detection methods used to safeguard against occupational fraud. That is done based on data compiled from a survey of 802 SMEs across Canada. The analysis shows that a substantial proportion of SMEs experience incidents of occupational fraud; however, the majority of SMEs are not fully prepared to respond to fraud. Furthermore, SMEs’ experience with and attitudes toward fraud vary noticeably with company characteristics, although a large proportion of SMEs believe risk to occupational fraud is low.Occupational fraud, fraud prevention, fraud detection, types of occupational fraud, Canadian small and medium businesses, employee fraud, internal fraud
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