Overview: This session will focus on a real-world fraud case study that will illustrate the tactics used by fraudsters and the importance of implementing robust prevention strategies. The session will include discussions aimed at enhancing internal controls and implementing additional checks and balances to protect company assets.

Case Study Summary: The session will begin with an in-depth analysis of a recent fraud case involving company credit cards.

· Methodology: Participants learned how the fraud was executed, including the techniques used to exploit vulnerabilities within the organization.

· Impact: Discussion on the financial, legal, and reputational repercussions faced by the company.

· Detection: Insights into how the fraud was ultimately uncovered, highlighting the importance of vigilance and monitoring.

Key Learnings:

1. Fraud Tactics: Understanding common tactics used by fraudsters, such as social engineering, fake invoices, and insider threats.

2. Red Flags: Identifying warning signs that could indicate fraudulent activity.

3. Reporting Mechanisms: The importance of having clear procedures for reporting suspicious activities.

Prevention Strategies: The latter part of the session will focus on effective strategies to prevent fraud, including:

· Employee Training: Regular training sessions to educate employees on recognizing and reporting potential fraud.

· Robust Internal Controls: Implementing checks and balances, such as dual approvals for significant transactions.

· Technology Solutions: Utilizing advanced software for anomaly detection and monitoring transactions in real time.

· Culture of Transparency: Encouraging open communication and fostering a culture where employees feel comfortable reporting suspicious behavior without fear of retaliation.

Presenters: Chris Galbraith, North Branch Construction & Jocelyn Bednarski, BerryDunn