Getting young professionals involved in fraud investigations early on is critical for the anti-fraud field to stay ahead of increasingly sophisticated fraudulent crimes. The Fraud and Internal Control Case Competition (F1C3) at Drexel University addresses this challenge head on. This week-long annual competition creates a unique educational initiative designed to provide students with hands-on experience in fraud investigation and prevention.
Participating students get the opportunity to develop their skills in fraud investigation, then present their findings in a realistic, professional setting, preparing them for a bright future in the fraud-fighting profession.
Competition Structure
The competition began with students receiving a case study designed by experienced anti-fraud professionals, which this year included ACFE Senior Research Specialist Laura Harris, CFE. Harris described the case study as a hypothetical corruption scenario involving a non-profit organization. Fifty-four students from six schools were assigned to teams and provided a coach who offered guidance while allowing the students to lead their own investigations into the case.
Throughout the week, teams dove into the case study, analyzing data, identifying potential anomalies and consulting with their peers. The investigation required students to think critically, work collaboratively and apply investigative techniques that mirror the real-world fraud investigation and detection process.
Teams presented their findings to a panel of judges across multiple rounds. They were evaluated, not only on the quality of their fraud investigation, but also on their presentation skills, professional appearance, public speaking abilities and overall analytical approach. While the main focus of the competition is for students to exercise their fraud-fighting skills, the platform allows students to build confidence and demonstrate their ability to properly and professionally present findings, as they would to future clients.
Engaging the Next Generation of Fraud Fighters
By embracing modern technological approaches, particularly allowing students to leverage artificial intelligence (AI) in their fraud detection efforts, the F1C3 event shows the important role that advanced technology plays in this field. The forward-thinking approach recognizes how today’s fraud investigators benefit from being technologically savvy and can use cutting-edge tools to uncover complex schemes.
As part of the competition, students are also able to network with veteran anti-fraud professionals and learn skills that directly apply to what employers look for in internships, and even full-time positions, within the fraud prevention industry. These skills include data analysis, critical thinking, professional presentations, collaborative problem-solving, investigative techniques and overall resourcefulness.
Seeing firsthand the impact this competition presented, Harris said, “I would have loved to have had this opportunity as a student, and I think every Certified Fraud Examiner can benefit from taking part, sharing their knowledge and encouraging the fraud fighters of the future.”
While this unique setting offers immediate benefits, its impact extends much further. By cultivating a new generation of skilled, ethical and technologically adept fraud investigators, this competition contributes to broader efforts to prevent fraud and protect organizations at all levels.
How Other Universities Can Get Started
Careful planning and coordination are essential in creating a fraud investigation competition following the F1C3 model. The key to success lies in gathering a group of committed professionals who are passionate about providing exceptional student-led learning experiences.
Steps for Implementing a Fraud-Fighting Competition:
- Form a working group of educators or anti-fraud professionals who are willing to volunteer their time and knowledge.
- Reach out to your local ACFE Chapter or local anti-fraud professionals who can serve as potential mentors, judges or coaches.
- Collaborate with subject-matter experts in the anti-fraud field to write a foundational case study, potentially adapting an existing one.
- Create a structure for students to conduct investigations with professional guidance.
Congratulations to the Winners
The 2025 F1C3 competition showed exceptional talent and dedication from students across multiple universities. Teams from Drexel University and La Salle University demonstrated remarkable performances, taking home top marks in this year's competition.
This competition serves as a testament to the students’ hard work, critical thinking and potential in the field of fraud examination. Participating students not only gain valuable experience but also position themselves as promising future professionals in the anti-fraud field.
