Seen on the Screen: How COVID-19 Might Shift the Anti-Fraud Profession

“I believe COVID-19 will change the anti-fraud field by increasing our reliance on data analytics, electronic documentation and digital communication. In-person interviews and access to physical assets, such as inventory and offices, are going to be rare as companies continue to shift to remote work. The anti-fraud field must continue to evolve its methods to detect and investigate fraud as the fraudsters are already finding new methods and reasons to conduct fraud through the new normal.” — Keith Louie, CFE, Senior Auditor at PayPal

“The reduction and mitigation of fraud risk in construction projects, particularly in our new ‘COVID-19 normal,’ will be the key to the revival of the American economy. It is also imperative that we substantially invest in public infrastructure, from rural high-speed internet to traditional infrastructure like water, sewer, roads and bridges, with an eye towards shovel-ready projects that can put Americans back to work quickly and safely. The need for robust anti-fraud programs and skilled professionals will help build public confidence and trust in the ability of the government to deliver public projects on time, schedule and on/under budget.” — Skylar Akins, Performance Auditor; Independent Procurement Review Officer for City of Atlanta

“Pandemic response to COVID-19 is changing the way fraud fighters look at internal controls, investigations and fraud schemes. A common goal among all of us now is to be able to adapt our strategy overnight for fighting new, developing fraud schemes.” — Heather Fontaine, CFE, Fraud Portfolio Manager at TD Bank

“COVID-19 has drastically changed the way fraud is investigated. The desperation caused by the economic climate has led to a significant increase in fraud events. This, in tandem with a surge in new and emerging fraud schemes tied to COVID-19, has forced heavy reliance on divergent critical-thinking skills to mitigate losses to financial institutions.” — Richard Ahanotu, CFE, Financial Crimes Analyst at Wells Fargo

“Fraudsters and criminals learn to maneuver when a crisis hits — fraud examiners should too! The anti-fraud field will change given the COVID-19 environment in accelerating the need to have the right anti-fraud skillsets to hit the ground running. As we become a more digital world, companies must be more proactive to minimize losses by re-evaluating fraud risks and thinking like a fraudster.” — Dora Gomez, CFE, IT Advisory, Financial Crimes, Fraud and Compliance at EY