The Risk Mitigator

December 2020

Understanding COVID’s Impact on Cryptocurrency Storage & Security

During COVID, our team has seen an increase in marketplace awareness about Crypto. And while the data is still murky on an increase in usage, every security professional is acutely aware that with an increase in awareness comes an increase in the potential for theft or fraud. We had a chance to speak with Brad Moody, Executive Vice President of Operations for Lowers & Associates, about the current state of Crypto in 2020, including how companies are securing Crypto exchanges during COVID, the adaptations they’ve made, as well as some current trends.

Is the Pandemic Helping to Mask Fraud?

In its 2020 Report to the Nations on Occupational Fraud, the ACFE looked at common types of fraud and popular ways perpetrators conceal their activities. A related study from the ACFE explored the reported increase in fraud during the COVID-19 pandemic. What’s behind the increase? And how can organizations better protect themselves from becoming victims?

Mark Lowers, CFE, Founder and CEO of Lowers Risk Group, and Brad Moody, CFE, CFI, EVP of Operations for Lowers and Associates addressed this topic in part one of our Fraud Week series.

Where Are the Whistleblowers and Auditors?

43% of occupational fraud is detected by tips. The next most common way is 15% by internal audit. These statistics underscore the vital role of whistleblowers and the need for organizations to provide programs that enable employees and others to be able to safely report suspicious activity.

In this Fraud Week episode, we interviewed Sergio Negreira, CPA, CFF, JD, Executive Vice President, Latin America and Global Forensics Services for Lowers Forensics International. Listen to his view on the critical role of whistleblower programs in fraud detection.

Looking at the Fraud Triangle During COVID-19

The Fraud Triangle is a model for understanding why fraud happens, but without situational awareness, the Fraud Triangle is meaningless.

In this Fraud Week episode we interviewed Carlos Rivera, CFE, MAFF, Senior Vice President – Caribbean & Latin America of Lowers Forensics International and Grant Mizel, Financial Analyst, Emerging Markets for Lowers Risk Group. Rivera and Mizel offer their insight to help us understand the importance of situational awareness to an organization’s ability to detect and prevent fraud.

Think You’re Not at Risk? Think Again.

Many experts believe that organizations were simply unprepared from a cyber perspective for the pandemic and its resulting shift to a remote work environment where employees are now operating outside the usual infrastructure and oversight of their organizations.

In this Fraud Week episode, we interviewed Steven Schwartz, Chief Revenue Officer for Periculus and a recognized innovation leader in the fields of risk management and cybersecurity. Listen to Schwartz’s view on cyberfraud during COVID-19 and how organizations can better protect themselves moving forward.

Think It’s Too Good to Be True? (You’re Probably Right.)

In our final Fraud Week episode, we interviewed Neil Watson, Director, Global Operations for Lowers & Associates. Neil has more than 30 years’ experience in the insurance industry which includes over 20 years working within the Fine Art, Jewellery and Specie (FAJS) sector. It is through this lens that Neil shared three stories of FAJS insurance-related fraud and key lessons that can be applied to any industry.

Lowers Forensics International Announces Exclusive Partnership with Infinilytics to Optimize the BI Claims Process

Lowers Forensics International has entered an exclusive partnership with Infinilytics, an enterprise AI and analytics provider for the insurance industry. Together, the organizations will combine AI-driven technologies to optimize the business interruption claims process for insurance companies.

Lowers Risk Group Joins the ACFE’s Movement to Shine a Spotlight on Fraud During Fraud Week 2020

Fraud costs organizations worldwide an estimated 5 percent of their annual revenues, according to a study conducted by the Association of Certified Fraud Examiners (ACFE). The global COVID-19 pandemic has worsened the challenge of fraud prevention as organizations report a rise in nearly every type of fraud since the start of the pandemic, according to the ACFE.

Lowers Risk Group joins hundreds of organizations who have partnered with the ACFE, the world’s largest anti-fraud organization and premier provider of anti-fraud training and education, for the yearly Fraud Week campaign.

Armored Car Crime Report