Data Analytics: Detecting and Preventing Fraud in 2015
Fraudulent transactions are not new. Although the ability to detect fraud has increased in the computer age, the best auditing program will not enable detection of fraudulent activity unless the auditor identifies the appropriate transaction for examination. Data analytics, which searches for patterns of activity, increasingly is used to identify, locate, and recognize fraudulent activity in business transactions.
In this two-hour LIVE webcast, a panel of distinguished professionals and thought leaders, assembled by The Knowledge Group, will help businesses and their counsel understand the advantages of using Data Analytics in Fraud Detection and Prevention. Speakers will also offer best practices in ensuring compliance with Data Privacy and Security Laws.
Key topics include:
- Data Analytics Role in Fraud Detection and Prevention
- Data Analysis: Processes and Challenges
- Key Techniques in Audit and Risk Management
- Best Fraud Control Practices
- Financial Impact of Data Analytics
- Compliance Strategies
- Possible Penalties against Fraudulent Activities
Dr. Ian Howells, Chief Marketing Officer
- Given the scale of fraud:
- The Association of Certified Fraud Examiners (ACFE) reported that the typical organization loses 5% of revenue each year to fraud – a global loss of $3.7 trillion
- The Communications Fraud Control Association (CFCA) reported mobile and fixed line carriers lose $46 billion per year to fraud
- When will CFO’s start putting the “F Word” in their annual reports?
- Talking points are contained in a popular article I wrote:
- Can the panel discuss the biggest impact of fraud and the areas it directly impacts?
- Talking points below:
- The bottom line
- Compliance fines
- Customer service cost and churn
- Brand/Reputational damage – Often the most costly
- When it comes to fraud who is innovating most - criminals or enterprises?
- When you look at the headlines from 2014 it is obvious who is innovating the most.
- What is wrong about the way we detect fraud at scale today?
- Traditional approaches look at silos of old data delivering hindsight on what has happened, detecting yesterday’s fraud as opposed to today’s or tomorrows. Fraudsters use a combination of attack vectors and patterns and continually change them allowing new fraud to remain undetected.
- The title of this webinar is “Data analytics detecting and preventing fraud in 2015”. Has technology changed to make it possible to detect fraud more effectively? If so in what way?
Cliff Porter, CFE, Manager, Litigation and Investigation Consulting Services
Advanced Data Analytics, the Fraudsters Worst Enemy: Introducing Powerful Tools and Techniques to Uncover Fraud
- Overview of data analytics in the anti-fraud and fraud investigation context
- Capability limitations of traditional data analytics methods
- How to overcome limitations of traditional approaches
- The power of combining publicly available information and data visualization technology
- Real world examples of indications of fraud identified using advanced data analytics, public information and visualization technology
George Gallinger, CIA, CFE, Principal, Advisory Group
- Data analytic...a critical component to an organizations fraud detection and prevention program.
- Board and audit committee Expectations pertaining to data analytics
- Why organizations fail to successfully implement data analytics into their fraud prevention program
- Enhancing your organizations fraud risk assessment to include data analytics
- Who in the organization should own data analytics
- ROI of data analytics
Joe Sremack, Director
Berkeley Research Group, LLC
- Data mapping for fraud investigations
- Anomaly detection using multiple data sources
- Trusted data sources and Master Data Management for fraud investigations
- Data retention and fraud investigations: Mitigating fraud risks while ensuring data compliance
Maribeth Vander Weele, President
Vander Weele Group LLC
Data analytics identifies fraudulent and wasteful practices in large organizations. Using case studies and algorithms, this session demonstrates how analytics programs are designed.
Abstract: Learn how analysis of corporate and government data can uncover theft, fraud, and excessive spending by employees and vendors. See how organizational data can identify suspicious patterns suggesting phony invoices, ghost payrollers, excessive credit card spending, diversion of product and more. View a demonstration on how a Fortune 500 company saved $5 million to $7 million annually after data analytics of its credit card expenditures and how spending data identified kickbacks involving the purchase of steel parts. This presentation provides algorithms useful in designing a data analytics program and discusses key challenges of data analytics and how to overcome them.
Who Should Attend:
- Privacy Law Attorneys
- Chief Compliance Officers
- Chief Information Officers
- Risk Analysts & Controllers
- Computer Forensic Specialists
- Compliance and Risk Officers
- Risk Executives
- Technology Attorneys
- Privacy and Data Security Officers
- Other Related/Interested Professionals
George Gallinger, CIA, CFE, is a principal with CohnReznick Advisory Group and serves as National Director of its Governance, Risk, and Compliance Practice. With more than 25 years’ experience, he is adept at creating, evaluating, and improving internal audit and risk management functions within organizations and has a strong background in internal audit, fraud prevention and detection, regulatory compliance, and overall risk management. He leads teams on delivering corporate governance services in a variety of industries and works closely with boards, audit committees, and members of senior management on implementing change, remediating gaps, and driving governance process improvements. He oversees quality assessment reviews, risk assessments, and the overall planning of internal audit and Sarbanes-Oxley engagements. His expertise includes the financial services, not-for-profit, healthcare, and retail sectors, as well as companies that are planning to go public.
George Gallinger, CIA, CFE, is a principal with CohnReznick Advisory Group and serves as National Director of its Governance, Risk, …
Joe Sremack is a director in Berkeley Research Group’s Washington, DC office, where he develops and implements solutions to assist corporate and legal clients in matters involving complex technology issues and investigations. Mr. Sremack’s expertise is in structured data collection and analysis, IT assessments, electronic discovery, software analysis, and data privacy. A computer scientist by training, Mr. Sremack has conducted numerous matters—including the three largest Ponzi schemes in history—involving systems investigations, data analysis, source code analysis, data compliance assessments, and the evaluation of technology solutions. He has assisted clients across the U.S. and internationally in such matters as class action settlement distribution, intellectual property theft, bankruptcy, financial fraud, healthcare regulatory investigations, and antitrust disputes. Mr. Sremack holds an M.S. in computer science from North Carolina State University and a B.A. from The College of Wooster.
Joe Sremack is a director in Berkeley Research Group’s Washington, DC office, where he develops and implements solutions to assist …
Dr. Ian Howells, the Chief Marketing Officer at Argyle Data, is a passionate technologist and serial entrepreneur with over 25 years experience building successful technology companies through IPO and acquisition. Prior to joining Argyle Data, Ian held senior marketing roles at Documentum from its early days through to IPO, SeeBeyond through its IPO and acquisition by Sun, Alfresco from a startup to the largest private open source company in the world, StorSimple, acquired by Microsoft, and Couchbase through a period of 400% growth. Ian has a Ph.D. in distributed databases and has published a number of papers and contributed to books on related topics. Ian has a passion for applying big data analytics techniques to marketing and open source. He previously penned the blog “Open Source Hearts and Minds” for Computerworld and is a frequent contributor to Fraud & Technology Wire.
Dr. Ian Howells, the Chief Marketing Officer at Argyle Data, is a passionate technologist and serial entrepreneur with over 25 …
Maribeth Vander Weele is President of the Vander Weele Group, a Chicago integrity consulting firm that specializes in data analytics, investigations, compliance monitoring, and investigative intelligence. Maribeth has consulted onsite in manufacturing plants in China, Malaysia, Singapore, Mexico, and the United States and has overseen thousands of investigations in the private and public sectors. Former President of the Illinois Association of Inspectors General, she previously served as Inspector General of Chicago Public Schools and the Public Building Commission of Chicago. Author of the 1995 book, Reclaiming Our Schools, the Struggle for Chicago School Reform, Maribeth has been profiled in the Wall Street Journal and other publications. Maribeth has guest lectured at the World Bank, Harvard University, the University of Chicago Booth School of Business, and the Kellogg Graduate School of Management at Northwestern University.
Maribeth Vander Weele is President of the Vander Weele Group, a Chicago integrity consulting firm that specializes in data analytics, …
Cliff Porter has extensive experience spanning over ten years working both at a big four accounting firm and in a corporate environment. He has specializations in a wide range of forensic accounting services, including corporate investigations, forensic data analytics, dispute & litigation and fraud risk management. Cliff’s role prior to joining McGladrey was in an Ethics & Compliance role as the Global Investigations Manager for a large subsidiary of a Fortune 100 company, investigating internal allegations of fraud and misconduct including embezzlement, anti-corruption and financial reporting fraud. In prior roles, Cliff has held positions with the primary responsibility of developing a forensic data analytic team to provide stronger technological techniques in investigations and dispute work. Cliff has degrees in Accounting (Bachelor) and Finance (Master) from Texas A&M University and is a CPA and CFE.
Cliff Porter has extensive experience spanning over ten years working both at a big four accounting firm and in a …
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CohnReznick LLP provides clients with forward thinking advice that helps them navigate complex business and financial issues. With more than 2,500 employees nationwide, and ranked among the top 10 accounting firms in the United States, the firm provides the resources, technical skills, and deep industry knowledge to help clients succeed. CohnReznick's Governance, Risk and Compliance (GRC) practice within CohnReznick Advisory Group provides boards of directors and senior management of public, private, and not for profit organizations with the experience, objectivity, and resources they need to meet their governance, risk and compliance responsibilities—and to leverage the insight these activities generate to improve operations, enhance value, and ultimately help realize the organization’s mission. Services provided include:
Sarbanes-Oxley and other regulatory compliance CFO advisory services Enterprise risk management Internal audit IT audit and security Cyber Security
About Berkeley Research Group, LLC
Berkeley Research Group, LLC is a leading global strategic advisory and expert consulting firm that provides independent expert testimony, litigation and regulatory support, authoritative studies, strategic advice, and document and data analytics to major law firms, Fortune 500 corporations, government agencies, and regulatory bodies around the world. BRG experts and consultants combine intellectual rigor with practical, real-world experience and an in-depth understanding of industries and markets. Their expertise spans economics and finance, data analytics and statistics, and public policy in many of the major sectors of our economy, including healthcare, banking, information technology, energy, construction, and real estate.
About Argyle Data
Argyle Data is the leader in real-time fraud analytics at network speed and Hadoop scale, offering solutions for the largest data-driven mobile communications companies. Argyle Data’s application is built from the ground up on Hadoop using the latest big data, machine learning, and anomaly detection technology proven at Facebook and Google. It is able to detect fraud not detected by existing systems, discover fraud in minutes vs. days, discover both new and old fraud attack techniques, and dramatically reduce false positives. To learn more, please visit www.argyledata.com.
About Vander Weele Group LLC
The Vander Weele Group is a Chicago firm that provides data analytics, compliance monitoring, investigations, and investigative intelligence. Our core mission is to promote integrity in large organizations and protect them when things go awry. We save clients millions of dollars and untold disruption by stopping deals that never should occur, warding off litigation, and strengthening systems to prevent future incidents. Our team members have worked on thousands of investigations into vendor and employee misconduct – embezzlements, conflicts of interests, insider dealing, diversion of product to the black market, and so on. Our ground-level fact-finding includes surveys, audits, forensic data analysis, assessments, and onsite monitoring. Our analyses fuel strategies for change, strengthening an organization’s mission by increasing efficiencies and decreasing the opportunity for disruptive incidents.
About McGladrey LLP
McGladrey is a leading provider of assurance, tax and consulting services focused on the middle market. We guide our clients through complex business challenges by understanding their needs and bringing together the right team to address them. With nearly 8,000 professionals and associates in 80 cities nationwide and access to more than 32,000 people in 100 countries through our membership in RSM International, we can meet your needs wherever in the world you do business.
For more information visit: https://mcgladrey.com/content/mcgladrey/en_US/who-we-are.html