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Purchasing card fraud Analysis of purchasing card data Note on forensic analytic tests Concluding remarks Prepared by: Mark J. Nigrini Copyright © 2012 by Mark J. Nigrini. All rights reserved. Charge card that allows an employee to conveniently buy goods and services. Cards have written rules and procedures Which items may be purchased, approval process, and reconciliation process Bank invoices the company every month Card gives an employee the opportunity to commit fraud. $80,000: Including EZ-Pass toll tags, expensive remote controlled helicopters, and a dog $150,000 in automobile, building, and home improvement supplies $30,000: computer, rings, purses, and clothing from Victoria's Secret, Calvin Klein, and others $630 charged for escort services down payment of a $10,000 sapphire ring for $2,400 at E-Z Pawn... NAPCP provides services and guidance CPCP designation www.napcp.org They research p-card issues Survey showed that industry practice varied widely with respect to the % of transactions that were audited Tests would work well in a continuous monitoring environment Some tests run weekly, monthly, and quarterly Tests will detect large errors and changes Not effective for waste and abuse Special tests to detect personal purchases Cards give employees an opportunity to commit fraud Analytics is only one part of the forensic investigations process Collect and analyze data at the start Don’t use incomplete or inaccurate data Make use of a subject matter expert Remember the legal environment FA is still an evolving discipline Purchasing cards give employees opportunity GAO found many fraud cases Can use the high-level and the drill down tests in a continuous monitoring environment P-card analysis well-suited to a using a dashboard Tests can show split purchases and other control issues Tests can be run in Access or Excel Fraud is here to stay Forensic analytics is still evolving