Fraud Detection and Prevention in Private and Public Institutions

Course Description
Fraud is a multi-billion dollar global industry. In 2000, fraud contributed 30 percent to business collapse in developing countries. In the developed economy, credit card fraud costs the industry about a billion dollars a year. More losses from cyberspace fraud are likely to increase as more businesses are conducted online. If undetected and not prevented at the early stage, fraud can cause business failures through bad checks, online fraud activities, financial malpractices, weak supervision of staff, poor internal control systems, and weak corporate governance. This course will walk participants through some of the latest techniques, strategies, tactics, and tools being used by businesses to arm them to prevent their organizations from becoming the victims.

Course Learning Objectives:
This short training aims to enhance the skills of the financial officials to detect and prevent fraud in their organizations.

Course Content
The “Fraud Detection and Prevention in Private and Public Institutions” course has some of the following key areas of learning for I and 2 weeks organized into the following modules:

Orientation:

•Registration
•Organization’s Background
•Schedule of Activities
•Ground Rules
•Dos & Don’ts Rules and Regulations
•Logistics

Anatomy of Fraud

•Fraud definitions: What is fraud?
•Legal elements of fraud
•Difference between error and fraud
•Fraud and corruption
•Major categories of Fraud
•Elements of fraud

Types of Fraud

•Telemarketing
•The “419” Fraud
•Identity Theft
•Advance fee schemes
•Market manipulation fraud
•Fake checks etc.,
•Symptoms of Fraud
•Accounting anomalies
•Internal control weaknesses
•Analytical anomalies
•Extravagant lifestyles
•Unusual behavior
•Tips and complaints
•Fraudulent financial reporting
•Misstatement from misappropriation of assets

Causes of Fraud

•Fraud Triangle
•Opportunity
•Rationalization
•Pressure

Consequences of fraud

•The costs of fraud and litigation
•Business collapse

Fraud Detection techniques

•Who are in the best position to detect fraud?
•Communication about fraud
•Role of the auditors
•Identification of red flags
•Targeted risk assessment
•Understand the organizational structure
•Human resources department policies
•Use of red flags to detect fraud
•Tips and complaints
•Whistleblower
•Anonymous hotline
•Lifestyle symptoms
•Unusual behaviors
•The role of law enforcement agents
•Accounting anomalies
•Cooking the books
•Internal control irregularities and weaknesses
•Digital evidence
•Forensic analytics

Fraud Prevention and Deterrence techniques

•How to create a fraud-free environment
•Create fraud deterrence consequences
•Design well internal control system
•Use fraud investigation system when necessary
•Set clear standards
•Check employee references
•Prosecute the offenders
•Role of external auditors
•Internal auditors
•Role of the Board of Directors
•Management responsibility
•Regular financial statement and reporting system
•Seven effective ways for public sector entities to prevent fraud
•Asset declaration of public office holders

Fraud Investigation Techniques

•What are the different types of fraud investigations?
•What can you do to help a fraud investigation?
•Six basic steps in fraud investigation
•Recognition
•An attitude
•Commitment
•Red flags
•Fraud risk factors
•Evidence
•The problem of intent
•Create a hypothesis
•Investigative tools
•Evidence gathering process
•Case storyline
•Timeline
•Inconsistencies and other fraud indicators
•Reading nonverbal messages

Interview and interrogation Process

•Preparation and planning
•The general approach to conducting Interviews
•Interviews of Witnesses
•Three stages of Interviewing

Case Studies of Major Fraud Detection and Prevention

•Enron, Tyco International, Bernard Madoff, etc
•The latest trends and issues in public and corporate fraud
•Latest and resourceful scams prevention techniques currently in practice
•Problem-solving exercises
•Field trips

Learning Outcome:
At the end of the course, participants should be able to recognize and understand the serious problems of fraud in private and public businesses. They should be able to:

1. Identify and understand the importance of fraud detection and prevention
2. Understand how symptoms help in the detection of fraud
3. Describe internal controls that help detect fraud
4. Identify and understand the analysis of fraud
5. Conduct investigations of fraud cases.

Learning Methodology:
The course is delivered in a workshop setting facilitated by seasoned professional facilitators with practical experience. Active participation is required and the key to the success of the workshops. Other methods used in this course include case studies and problem-solving exercises. Assessment of participant’s performance will be measured through effective class participation, group presentation, group projects, and class attendance. This course combines presentations, lectures, class discussions, group presentations, and problem-solving exercises.

Who should attend?
Managers, business lawyers and legal advisers, business owners, administrators, personnel officers, audit department directors, internal audit managers, accountants and controllers, human resources professionals, private investigators, corporate executives, officials of economic and financial crime prevention agencies, key political figures, key legislators, Ministry of Finance managers, Central Bank managers, commercial bank officials, judges, law enforcement officials, insurance company managers, notaries, property estate managers, stock exchange managers, and other personnel as deemed appropriate by management.

Course Duration:

2 weeks

Training Locations

(a)Stamford, CT, USA
(b)New York City, USA
(c)Washington, DC, USA

(d) Toronto, Canada

(e) Lagos, Nigeria

(f) Nairobi, Kenya

(g) Dubai, UAE

Scheduled Dates:
Jan 6-17; April 20-30; Jun 17-28; Oct 19-30; Dec 14-25, 2023

Course Materials
Course materials include PowerPoint presentation slides, carefully selected reading materials, exercises, case studies, reading references, and a laptop computer (for 2-week participants only).

Course Fees
The course fee is $4,800 USD for 2 weeks. The course fee covers the following: instruction, course materials, one brand new laptop computer to take home (2-week only), administration expenses, field trips, cultural programs, and miscellaneous program-related expenses.

How to Register
To receive a letter of invitation and supporting documents, you must complete and forward the registration form to the training director as soon as possible. To participate in this course, the applicant must:

1. Send a completed application form
2. Have a bachelor’s degree/or have relevant work experience at senior management level
3. Be nominated by the head of his/her department
4. Be a senior member of the department/organization
5. Demonstrate a devoted interest in the course
6. Have proof of English proficiency
7. Demonstrate proof of financial sponsorship of the course.

CONTACT US:

For more information, please contact:

Center for Executive Training and International Development

295 Madison Avenue

12^th Floor

New York, NY 10017, USA

Phone: +917 753 7225, +502 684 3228

Email: admin@cetid.net

Website: www.cetid.net