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Some of the most common types of fraud schemes include overstating revenues, understating liabilities, inventory manipulation, asset misappropriation, and bribery/corruption. To discover these, forensic accountants apply a variety of techniques. [20] Forensic accounting methods can be classified into quantitative and qualitative.
This type of "creative accounting" can amount to fraud, and investigations are typically launched by government oversight agencies, such as the Securities and Exchange Commission (SEC) in the United States. Employees who commit accounting fraud at the request of their employers are subject to personal criminal prosecution. [4]
Forensic accountants need to have a great deal of access to information regarding the company they are investigating or assisting. The information will determine how much a person actually makes, the worth of a business, if there has been fraudulent activity, who committed the fraud, everyone involved, how much was taken from the company, where the money went, and how much can be recovered.
The wire fraud charge is punishable by up to 20 years in prison. Identify theft in federal court carries a mandatory two-year sentence on top of any sentence for other crimes.
Fraud detection is a knowledge-intensive activity. The main AI techniques used for fraud detection include: . Data mining to classify, cluster, and segment the data and automatically find associations and rules in the data that may signify interesting patterns, including those related to fraud.
6 Best Banks for Dealing With Identity Theft and Fraud. In the digital age, where most of the world’s money, transactions and accounts are all online, everyone and anyone can become a target for ...