Stay one step ahead in the fight against fraud with this dynamic CPE series led by industry expert Lynn Fountain. As fraud schemes evolve, so must our approach to detection and prevention. This on-demand bundle dives into the latest targeted attack techniques and equips professionals with the tools for real-time risk assessment, ensuring you’re prepared to identify and mitigate threats as they arise.
To effectively perform real-time assessment on these aspects, many companies use the latest technological applications. Fraud detection systems use real-time transaction risk scoring algorithms to identify questionable purchases or payments. These systems consider transaction details, user profiles, behavioral biometrics, geolocation, IP/device metadata, account information, and more.
The advancement of artificial intelligence and machine learning are also aspects that have advanced our ability to perform real-time risk assessments. We discuss these concepts and how they are used. This course focuses on step one and two when performing a real-time fraud risk assessment. Those steps include:
- Step One - Planning
- Step Two - Identifying Risk
Future courses will cover the remaining steps in the process.
An issue that is becoming more critical to companies relates to the need for real-time fraud risk assessments. But what does that really mean?
Most are comfortable and aware of the term risk assessment. A fraud risk assessment is aimed at proactively addressing a business’s vulnerabilities to internal and external fraud. This includes:
- Types of fraud vary by business line
- Internal frauds include embezzlement and misappropriation of assets
- External frauds include hacking and theft of proprietary information
But the concept of a risk assessment typically implies a process that is conducted on a periodic basis.
Studies have shown the system has reduced fraud losses in the U.S. by 70% since 1992, when real-time fraud detection was introduced.
This course compliments the course on Fraud Trends for the Future – Need For a Real-time Fraud Risk assessment Part 1 and delves further into the elements that comprise a real-time fraud risk assessment or detection process.
This course is one part in our ongoing series on Fraud Trends in the Future. This specific course focuses on Targeted Attacks. In a targeted attack, your organization is singled out because the attacker has a specific interest in your business or has been paid to target you. The groundwork for the attack could take months so that they can find the best route to deliver their exploit directly to your systems (or users). In this course we discuss the types of targeted attacks, phases of targeted attacks and mitigation methods.
Fraudsters seek new ways to exploit private information. Cybercrime and fraud prevention is an evolving field based on varied tactics used by fraudsters. In order to be prepared to mitigate fraud risks, you must understand the current fraud trends. The initial segment of this series will focus on fraud trends that have been identified for 2023 and beyond. Broadly, these trends include:
- Automation
- Account Takeover
- Adoption of new digital payment methods
- Balancing fraud and consumer friction
- Rise of synthetic identities
- Escalating cost of fraud
- Targeted attacks
- Strong need for real-time assessment
- Need for multi-layered fraud assessment
- Account security
Total: 3 courses (6 CPE hours)
Instructor
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.