I'm a CFE, Fraud Magazine

Kenneth Boey, CFE

Written by: Jennifer Liebman, CFE
Date: July 1, 2022
Read Time: 4 mins
Anti-Fraud Laws Regulations and Compliance Computers and Technology Fraud Prevention and Deterrence Insurance

As a child, Kenneth Boey read mystery novels and dreamed of fighting crime as a police officer. Now, Boey is a full-fledged fraud fighter, ensuring that his company, Etiqa Insurance, has strong controls in place to protect its systems from threats.

I was born and raised in Singapore. Growing up, I enjoyed running and taekwondo. In quiet moments, I indulged in reading mystery fiction; I think this might have sparked my interest in solving crime and combating fraud. I fondly recall playing police and thief as a child, and I aspired to be a police officer. Although that did not happen, I’m happy I get to fight financial fraud in my day job and contribute as a volunteer special constabulary in my free time.

As the head of financial crime compliance for Etiqa Insurance, I ensure that sound controls are in place to protect our systems and processes against fraud. As a leading digital insurer in Singapore, we use automated and straight-through business processes, which have introduced new risks to the company. To safeguard our system and maintain our risk posture, we work closely with stakeholders to conduct process reviews and data analysis to identify potential frauds.

My team and I respond to fraud incidents and investigate them thoroughly before escalating cases to senior management and reporting to regulators. To sustain a strong anti-fraud culture at Etiqa, we also conduct periodic trainings and briefings for employees and partners, so everyone is aware of fraud risks and how to respond. The whistleblowing program we maintain for both internal and external stakeholders is an important means of fraud identification.

We investigate incidences of fraud and misconduct, whether perpetrated by internal or external actors. “Soft fraud” is common in the insurance business, so we work with industry bodies and distribution partners to exchange data to identify and monitor high-risk customers. We also use digital tools to follow up with and investigate potentially fraudulent claims. (See “Insurance Fraud,” Legal Information Institute, Cornell Law School.)

When an allegation of fraud arises, I organize a team of investigators with the skills appropriate for the suspected incident. I lead the team in verifying facts and determining if an investigation is warranted. I then plan out the investigation from evidence collection to interviews to determine the losses and who was involved. I’m generally the lead interviewer during investigations. One crucial step during an investigation is to identify any gaps we’ll need to close to prevent similar incidents from occurring again.

I started my career working as a forensic accountant and fraud investigator for a consulting firm. The job was a revelation for me because of how close I got to fighting fraud and crime. In my four years at the firm, I was fortunate to work on many high-profile fraud investigations spanning various industries.
 
Fighting fraud has helped me hone critical-thinking and problem-solving skills. Professional skepticism, a keen sense of observation, and communication and reporting skills have been especially important to me in my line of work.
 
One memorable case I handled in my first job involved a global investigation of a distributor suspected of software piracy and accounting fraud. For three months, we reviewed agreements and verified licenses at the client’s offices throughout Asia. Eventually, we identified and recovered many software licensing fees the distributor underreported.
 
In another case, I investigated a senior manager of a medium-sized, privately owned business who was suspected of breaching their fiduciary duties and misappropriating funds. My team and I combed through the subject’s emails for weeks to uncover incriminating evidence against the senior manager.
 
Always be humble and willing to unlearn and relearn things. The business environment is ever-changing and digital tools have transformed our work. The knowledge we gained in school may become obsolete, so we need to unlearn the old ways and relearn approaches. With data analytics tools, we can now uncover a great number of suspicious transactions with more accuracy than ever before.
 
I first heard of the CFE credential from a colleague who’d recently attained their certification. I then learned about the ACFE’s work promulgating best standards of fraud examination and advancing the anti-fraud profession. It was an easy decision for me to earn my CFE credential after that.

The knowledge we gained in school may become obsolete, so we need to unlearn the old ways and relearn approaches.

The CFE credential demonstrates my credibility as a fraud fighter, and it also provides access to the ACFE’s rich fraud risk management and investigation resources. One such resource is the Report to the Nations (ACFE.com/RTTN), a tool my company uses to raise awareness of fraud during our annual awareness-training program. The ACFE also offers a mentorship program that allows new practitioners to seek guidance from experienced members.

Work hard. Start somewhere and keep at it, and you’ll be able to discover your ability. Lifelong learning is important for fraud fighters to remain relevant and add value to their organizations.

This year, I celebrate my sixth anniversary as a CFE, and I’m proud to be amongst the best anti-fraud professionals around the world as an ACFE member. I’m also proud to be one of Insurance Business Asia’s Insurance Young Guns of 2020.

I’m privileged to contribute as a volunteer special constabulary with the Singapore Police Force. As a ground response force officer, I encounter a variety of cases and serve alongside regular officers, responding to incidents as varied as missing persons and disputes.

I enjoy hiking in my free time; it gives me the space to clear my head and connect with nature. My most memorable hike was to Everest Base Camp. The view was breathtaking, and I hope to go back after COVID-19 restrictions are lifted.

Jennifer Liebman is assistant editor of Fraud Magazine. Contact her at jliebman@ACFE.com.

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