Fraud Issues in the Hospitality Industry Post-COVID-19 Pandemic The hospitality industry is already experiencing an increase in fraud, and everyone associated with the business—including operators, owners, managers, employees, and even guests—is at risk of being affected. In this article, the author identifies areas of fraud and provides recommendations to mitigate risk.  As a self-proclaimed foodie, I am e ...

The Dark Web Criminals Both the Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) have issued recent advisories concerning ransomware payments. This article provides an overview of those advisories. Both the Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) have ...

The Evolution of Digital Forensics and Growth of the Industry The rapid growth of technology has resulted in the computer age, which has given rise to cybercrimes. Savvy criminals today use devices such as tablets, computers, smartphones, and cloud storage in the planning and commission of cybercrimes, whether to wreak havoc in the system of an organization or in the commission of a crime of self-enrichment ...

How Does it Work? Everyone seems to be talking about cryptocurrency these days, but many are unsure how to define it and fewer still, know exactly how it works. Cryptocurrency is a digital construct without physical substance; the only evidence of its existence is the digital record or ledger indicating balances held (like a balance sheet) and transactions that have occurred (like an income statement). What ...

Risks in a Post Pandemic Environment The pandemic placed many individuals into an environment where they had to rely on technology to conduct daily life and the financial transactions associated with it. This was a major change; especially for a generation that was accustomed to handling their banking and financial transactions face to face. Forcing a generation to begin to conduct banking and purchasing on ...

Spotting Internal Fraud Schemes To identify whether an organization is vulnerable or has been a victim of fraudulent behavior, it is critical to spot common warning signs of internal fraud schemes. The first step is knowing where to look. The company’s general ledger (GL) is a good place to start. It is a book that can tell stories of fraud, manipulation, and betrayal. Unfortunately, few know how to read th ...

in the Cryptocurrency Economy Although cryptocurrency and blockchain technology create an environment that can help combat fraud within their systems, their introduction into the global economy has opened numerous doors for nefarious activity. This article provides an overview of what is cryptocurrency, blockchain technology, and the rise of threats to digital assets. Fraud used to be much simpler for the f ...

Employing Open Source Data, OSINT, and SOCMINT in the Due Diligence Phase Today’s accountants specialize in document management, research, money laundering, inter-national banking, e-discovery, and much more. They go even further. They ask to learn about open source research, cryptocurrency, and network-based financial transactions. In this article, the author discusses how to use public record resources, s ...

Forensic engagements that involve determining lost profits or other economic damages often require a “time series” of economic and market data. When the lost profits or other economic damages engagement involves comparing international companies, multi-country economic data, and international market data, the challenges in locating meaningful data become especially difficult. In this article, the authors sh ...

The Role of the Expert in 21st Century Dispute Resolution—A Recovering Judge’s Perspective As technology evolves, the role of the expert and the interplay between experts and the judiciary will evolve. This change is already underway. In this article, QuickRead presents the presentation made by Retired Judge Platt at the NACVA and the CTI’s Annual Consultants’ Conference, held in Salt Lake City. Judge Platt ...

In More Ways Than One It seems every few months we read about a financial institution involved in a money laundering scandal. The bank typically agrees to pay a fine, promises to behave, hires consultants to monitor and report to the regulators, and the scandal is generally forgotten. You may ask what do the consultants do and what do they monitor? This article will discuss the development of two recent sca ...

(OSB) The OSB technique is indispensable to establish veracity when hearing or reading questions and answers, such as deposition transcripts, expert report content and even daily conversation. You can (and should) use the OSB mnemonic in most of your public and private communications, including if you provide expert witness testimony. And, once you begin applying the technique you will find it indispensable ...

Un-Impeaching Opinions of Calculated Values Valuation or calculation? That is the question asked, answered, and argued by judges, experts, lawyers, and industry thought leaders apropos to whether a calculation of value can be used in litigation. The answer echoed throughout courtrooms across America thus far is a resounding “it depends.” This article offers a synopsis of the debate over calculation engageme ...

Knowing the Business is Critical to Effective Risk Oversight In this article, the author shares excerpts of a speech he presented to board members regarding the importance of managing risk and sources of risk. ...

Case Study on the Use of Visuals to Track Revenue, Expenses, and Process What is CCO? How is it used? The CCO technique has no traceable origin, but its application is self-evident and imminently practical. The technique is typified by its initialism, i.e., CCO that self-describes the process: what is the condition underlying the problem(s), what is the cause of the underlying problem(s), and what is the ou ...

Behavior Detection in Forensics The United States Marine Corps (USMC) has deployed behavior detection techniques for years, most recently in counterterrorism actions. Marines are taught the techniques during their Combat Hunter Course so that bad guys can be detected before they can do bad things. “Left of bang” means before the bad things happen; “right of bang” means that bad things have already happened, ...

Opportunities for Valuation Pros The widespread destruction left in the path of Hurricanes Harvey, Irma, and Maria provides ample ground and opportunities for CVA professionals to assist the public. In this article, the author, a CVA, details those opportunities. ...

Principles, Methods, and Applications Everett P. Harry, III and Jeffrey H. Kinrich assembled 45 authors, chosen for their expertise in lost profits damages, and contributed and co-edited this comprehensive lost profits damages “how to” book. The authors pay tribute to Robert L. Dunn, among others, for his vision in identifying the need for this book. The book marks an attempt by the authors to provide a sin ...

Identifying Gaps and Risks Valuation and financial forensics professionals and their firms often provide other services. In this article, the author discusses Anti-Money Laundering (AML) actions and which industries are at risk for violating Bank Secrecy Law and AML provisions. Many kinds of businesses are at risk for money laundering and for penalties if AML programs do not meet regulatory standards. Finan ...

Fraudulent Payroll and Expense Schemes (Part III of III) This article represents the third installment of a three-part series discussing the potential for embezzlement within an organization by its Accountant Bookkeeper Office Manager (ABOM). Part one discussed how the ABOM could mishandle incoming cash receipts to commit fraud. Part two discussed how the ABOM could mishandle outgoing cash disbursements to ...