Reflecting on the biggest telehealth fraud in DOJ history (2020) & how to confidently sidestep it in 2021 and beyond.
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The advent of Telehealth and Telemedicine have resulted in a proliferation of these instances. How do we deal with this altered environment? How do we stay ahead of the curve of emerging new fraud strategies?
With the burgeoning growth of electronic financial transactions and their relative anonymity, sophisticated fraud schemes have exploded in the last 5 years, as reported by the FBI and leading publications such as The Wall Street Journal, Forbes, and the New York Times. As reported by CNBC, over 16 Billion dollars was lost to identity theft fraud alone. However, savvy CFOs are using Machine Learning to detect these fraud schemes and thwart these criminals.
Effective fraud detection and financial control initiatives leverage advanced analytics and machine learning techniques to derive valuable and actionable information for managers. Today’s enterprises churn out humongous volumes of data but are still unable to use most of that data in its raw form. The task of acquiring, cleansing, shaping, and bending the raw operational data for analytics or other business purposes is known as data preparation.
If you work in a company or an organization that wants to improve the effectiveness of risk management and governance…
Reimbursable employee expenses are a significant cost for most businesses, and unfortunately, they are often a source of fraud by unscrupulous employees. To combat this, businesses typically rely on auditing employee expense reports manually. As this is a tedious and very labor-intensive process, usually only 10% of all the receipts get audited. Thus businesses have an increased risk of expense report fraud going undetected.
As the volume of online transactions continues to grow exponentially, there is a new quest for enterprises to start new channels of business, gain more online presence, retain existing revenue streams, and stay relevant to current technology. Many organizations are unable to detect patterns related to Fintech fraud because they are stuck doing traditional rule-based approaches. Emerging modern technologies, like NEMESIS, use the power of AI and machine learning to fight against financial fraud.
Fraud isn’t something new, but it is becoming more complex and sophisticated. From bribing exam administrators to CFOs conducting unethical transactions, these five fraud cases were some of the most shocking for 2019.
