Inside Job, Outside Job! Low Tech Fraud in a High Tech World

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Inside Job, Outside Job! Low Tech Fraud in a High Tech World - (Embezzlement, ECheck Fraud & Holder-In-Due-Course)

Reviewed

February, 2024

Learning Objectives

To identify the “red flags” of embezzlement schemes, including their commonalities and differences, along with specific practices and protocols to prevent them.
To distinct between industries, company sizes, methodologies, etc. while applying practices and protocols to prevent embezzlements.
To outline the vulnerabilities of e-Checks and other forms of check fraud.
To identify Holder In Due Course rules and how those rules impact their liability for check fraud.
To examine real-life fraud situations, including what went wrong and how the losses could have been prevented.

Course Description

With management focused on BEC scams and other high tech ploys, organizations forget that major losses are created by “low tech” embezzlement schemes, which often go undetected for years. Some companies have gone out of business due to these losses, while others have had layoffs and salary freezes. Victims include the organization’s employees, suppliers, vendors, and families.

Every year, embezzlement causes more losses than the “blockbuster” year before, despite the fact that embezzlement is almost entirely preventable. Different industries and sizes of business experience different types of embezzlement schemes; however, there are many commonalities and “red flags” that are found amongst all organizations.

This webinar provides an understanding of how:

Attitudes of upper management have a significant impact on the prevalence of embezzlement.
Check fraud schemes are some of the most prevalent methods of embezzlement.
eChecks are a relatively new payment method and was attacked by fraudsters almost upon its launch.
How eChecks work and their vulnerabilities along with their connection to Holder In Due Course and UCC rules.
“Old-school” check fraud - the primary form of payment fraud attempts used by fraudsters. It produces more losses than any other form of payment fraud.

This webinar provides guidelines about how CPAs, EAs, Accountants, and Other Accounting, Tax, and Finance professional can support the control requirements of their clients to prevent embezzlement. The webinar cab be a useful addition to the advisory services that such professionals provide.

Overview

Profit of an Embezzler

4 mins
Company sued the bank. who won the Lawsuit?

14 mins
Controls to Prevent Fraud

23 mins
Holder in Due Course

34 mins
Controlled check Stock

42 mins

Webinar Qualifies For

1 CPE Credit of Specialized Knowledge for Certified Public Accountants (CPA-US)
1 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
1 CPE Credit of Fraud risks for Certified Internal Auditors (CIA)
1 CPE Credit of Fraud Risk Assessment for Certified Fraud Examiner (CFE)
1 CPE Credit of Auditing for Certified Management Accountants (CMA)
1 CPE Credit of Fraud for Certified Valuation Analyst (CVA)
1 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
1 CPD Credit of Fraud prevention, detection and response for Certified Financial Forensics (CFF)
1 CPE Credit of Financially-related fraud for Certified Government Financial Manager (CGFM)
1 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
1 CE Credit of Detect and mitigate fraud for Certified Treasury Professional (CTP)
1 CPE Credit of Business Fraud and Deterrence for Master Analyst In Financial Forensics (MAFF)
1 CPE Credit of Fraud for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
1 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
1 CPE Credit of Specialized Knowledge for Iowa Licensed Public Accountant (IA-LPA)
1 CPE Credit of Specialized Knowledge for Maine Licensed Public Accountant (ME-LPA)
1 CPE Credit of Specialized Knowledge for Delaware Licensed Public Accountant (DE-LPA)

About Instructor

Greg Litster

President, SAFEchecks: Abagnale Superbuisness Check

Greg Litster is president and founder of SAFEChecks, and is editor of Frank Abagnale’s Fraud Bulletin. Greg is a former banker of 18 years, has written articles published in AFP Exchange, American Payroll Association, American Land Title Association, and Sheshunoff’s Corporate Cash Management Manual. He has served as an expert witness on several national and international check fraud and embezzlement cases, and has spoken on fraud prevention across the country for numerous financial institutions and professional organizations, including AFP, GFOA, Texpo, SoCal Expo. Greg earned a Bachelor of Science in Economics and an MBA in Finance, both from Brigham Young University.

Additional Information

Duration

1 Hour

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

Click Here to View

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4.5

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Allyse Lobonc, CPA (US)

Very useful information about check fraud and holder in due course. Knowledge I did not realize I needed to learn about but am glad that I did. Instructor used good real life examples.

Roberta Nail, CPA (US)

Program contains a lot of information to help you avoid fraud by recognizing the signs and the laws that protect (or don't protect) you. I was a very interesting presentation.

Meredith Kennedy, Human Resources

The real life scenarios were great for understanding the concepts presented. You can tell the speaker is very passionate about the topics and it was very interesting!

Amanda Carlson, Accountant/Bookkeeper/Tax Professionals

The company I work for just experienced Cybertheft. This presentation is going to be very useful and I will recommend it to the office staff. Great job!

Wendy Lillingston, Accountant/Bookkeeper/Tax Professionals, CPA (US)

Very informative webinar. The court cases were very interesting and I learned new information related to holder in due course.

1 Credit

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Inside Job, Outside Job! Low Tech Fraud in a High Tech World - (Embezzlement, ECheck Fraud & Holder-In-Due-Course)

Course Details

Learning Objectives

Course Description

Overview

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Greg Litster

Other Details

Additional Information

1 Hour

Basic

QAS Self Study

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.5

Allyse Lobonc, CPA (US)

Roberta Nail, CPA (US)

Meredith Kennedy, Human Resources

Amanda Carlson, Accountant/Bookkeeper/Tax Professionals

Wendy Lillingston, Accountant/Bookkeeper/Tax Professionals, CPA (US)

Subject Area

Unlimited Access Plan

Inclusions

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