Culture, COVID and change

Technological advancements and massive COVID-relief packages have opened a world of opportunity for fraudsters in recent years. In the U.S. alone, criminals have stolen billions of dollars in pandemic aid in what some are calling the biggest fraud in a generation. Scammers across the globe are also finding easy pickings among mobile phone and computer users as they learn technological sleights of hand to trick their victims. Yet social media and a rising speak-up culture are changing the dynamics of corruption and fraud in the corporate world, helping to reveal and stamp out wrongdoing at the highest levels.

Members of the Board of Regents sat down with Fraud Magazine at the 33rd Annual ACFE Global Fraud Conference to talk about these topics and more, bringing with them a wealth of experience from the private and public sectors in countries across the globe.

FM: According to ACFE Occupational Fraud 2022: A Report to the Nations, CFEs are catching frauds 33% faster now than they did in 2012, and median losses from frauds have shrunk by 16% over the past 10 years. In what ways have CFEs upped their game over the last 10 years and why?