Conversations with ChatGPT In this article, the author discusses the conversation she had with ChatGPT regarding Bitcoin and Ponzi schemes. This question has been around nearly as long as Bitcoin itself (without the Charles Ponzi qualifier). How could I have a conversation with Charles Ponzi? Perhaps ChatGPT has ingested enough material about the historical figure to do it for me. I initiated a new conversa ...

Inside the Expert Battle Over Kroger’s Pharmacy Discounts What does “usual and customary price” mean? How does a plaintiff challenge such a broad assertion in a class action? What will a defendant assert to discredit a plaintiff’s expert? This article discusses the Daubert motion brought forth in Kirkbride v. The Kroger Co. and provides notice to how a challenge may unfold in other class action suits that h ...

Strategies to Limit Digital Risk and Liability In this article, the author looks back at predictions made in the 2014 Pew Research. Reflecting on this study, it becomes self-evident that we understand what the problems are, and, perhaps, we even have good ideas of how to tackle these problems. Therefore, the issue is not necessarily “finding a solution” but rather, having the will and desire to implement a ...

Part III in a Series Addressing Advances in Forensic Accounting and Financial Forensics Those working to manage valuations and investigate fraud are seeing the impact of two trends that emerged in 2023: an increasingly tight labor market and the advancement and adoption of new technologies. The reality is as we enter 2024 and the workforce continues to shrink, the implications of these new technology innova ...

Do Not Be Afraid to Innovate This article focuses on how advances in AI and machine learning can aid forensic investigations procedures and further bring the detection of fraud and other financial crimes into the digital age. Introduction In today’s rapidly evolving digital landscape, fraud and financial crime have become an increasingly complex and pervasive issue for organizations, big and small, global, ...

Embrace a Systematic Approach Fraud is a pervasive issue that affects businesses, organizations, and individuals across various industries. Often, an organization is surprised to find itself a victim of fraud, especially when the perpetrator is a trusted employee. This article details the first steps a company should take when initiating a fraud investigation, what experts will be necessary to uncover illic ...

With Examples From Asset Misappropriation to Financial Statement Fraud (Part II of II) This two-part article (Read Part I here) focuses on the two significant, but different, roles forensic accountants play in quantifying employee losses and how—in the normal course of the analysis—they may find instances of fraud that require further investigation. The authors first provide detailed guidance for forensic a ...

With Examples From Asset Misappropriation to Financial Statement Fraud (Part I of II) This two-part article focuses on the two significant, but different, roles forensic accountants play in quantifying employee losses and how—in the normal course of the analysis—they may find instances of fraud that require further investigation. The authors first provide detailed guidance for forensic accountants in how to ...

in Inventory Loss Claims Insurance claims for loss of inventory are generally examined by insurance carriers. The carrier will retain a forensic accountant who has the ability to quantify out of sight inventory losses. Out of sight inventory losses occur when the accountant is not able to physically count the damaged inventory. These types of inventory losses include, but are not limited to, damage from fir ...

in Detecting Fraud in Business Interruption Claims (Part I of II) Business interruption claims are generally closely scrutinized by insurance carriers and can range from thousands of dollars to claims exceeding $100 million. Insurance carriers often seek the assistance of either internal or external forensic accountants to analyze such claims. During their analysis, forensic accountants often detect the pos ...

A Guide for Forensic Analysts As cryptocurrencies become more mainstream, it is vital for forensic analysts to understand and analyze digital currency data. Forensic analysts are increasingly being brought in to trace and help recover crypto assets in criminal matters, such as money laundering and other fraud prosecutions. There is also a noticeable increase in the use of forensic analysts in civil litigati ...

Signs of Ethical Deterioration The 21st century has brought not only the worst pandemic in over 100 years, but also an alarming deterioration in ethical culture. We see examples of this in the types of fraud being perpetrated, as well as in the behavior of elected officials, athletes, business owners, and wealthy parents of students. Where is this trend headed, and can it be reversed? In this article, the a ...

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 ...

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 ...

Firms are spending plenty on tech but are skimping when it comes to training their people to recognize an incoming attack. To read the full article in Financial Planning, click: The Cybersecurity Defense Advisors Forget. ...

A Forensic Accountant’s Process The purpose of this article is to explain how forensic accountants look at the big picture, both financially and by understanding past behaviors, to uncover items that may help you or your client. The author shares that some of his biggest “wins” in fraud investigations started with broad allegations; however, the techniques used to identify and quantify these allegations wer ...

Private Equity’s Fast and Furious Entry into Healthcare (Part III of III) The third of this three-part series examines why private equity and venture capital firms are targeting the healthcare industry and the issues that they encounter managing their healthcare portfolio. Private equity (PE) and venture capital (VC) firms are attracted by the potential for growth that exists in the healthcare industry; how ...

The number of reports of financial fraud against older adults has quadrupled since 2013, with 63,500 filed reports describing more than $1.7 billion in actual losses or attempted thefts in 2017, according to a report released by the federal Consumer Financial Protection Bureau. To read the full article in McKnight’s Senior Living, click: Financial Elder Fraud Reports Quadruple; Amount Reaches $1.7 Billion. ...