occupational fraud
Here and now - Did the pandemic increased Insider Fraud Risk in Banking?
The pandemic time impacted many aspects of both our private and professional lives. Without any doubt we all faced significant challenges while required immediately to move fully into remote working. We stopped working from the office, meeting our colleagues and clients face to face and stopped travelling. That sudden shift changed not only the way we work, but also changed all our daily activities both business and private ones and significantly reduced our social interactions in the real-world, impacting also our mental sphere. And probably not everyone was taking enough care about the right work-life-balance and activities to keep both physical and mental health.
5 common types of back office occupational fraud, and how AI can stop them
Yet for many companies they remain vitally important as the epicenter of occupational fraud detection. So what are the most common tactics of employees looking to defraud companies on their expense reports, and how is the burgeoning field of artificial intelligence already helping stop them? For most of us, when we purchase, say, pillowcases at Walmart, we rightly expect to see the word "Walmart" spelled out clearly on our bank statements. To monitor these transgressions for employers, today's AI systems can automatically cross-check each expense report receipt with data from review sites like Yelp and TripAdvisor. For example, one machine learning program detected employee meals reimbursed at "K-Kel, Inc," which, it turns out, was actually a receipt for the Spearmint Rhino strip club in Las Vegas.