Proactive Perspectives

The Fraudster Next Door: Lessons Learned from Decades in Fraud Prevention

Written by Michael Peckham | Nov 25, 2024 11:00:00 AM

Fraud doesn’t always arrive with a loud crash—it sneaks in quietly, like a late-night phone call in an empty office. For Mike, this truth hit home early in his career when a simple ringing phone uncovered a payroll fraud scheme and set the stage for his life’s work in uncovering fraud.

Here’s how Mike’s story unfolded—and the lessons it offers for anyone working to create fraud-resistant systems in today’s digital age.

Red Flags and Ringing Phones

In the early 1990s, Mike was a payroll liaison officer. His job? Reviewing timekeeping records and ensuring compliance. One Saturday evening, while finishing work in an empty office, Mike noticed the phone ringing persistently in a nearby section. Curious and annoyed, he answered. Silence. Moments later, the same thing happened.

Later, while reviewing payroll records, Mike saw that someone had logged overtime for that same evening—claiming they worked until 10 p.m. The problem? Mike had been in the office until 9 p.m. and hadn’t seen a soul.

A deeper investigation revealed no building log-in records for the individual and no witnesses who’d seen them that day. This wasn’t a one-off mistake—it was a deliberate scheme to exploit the system’s vulnerabilities. Armed with evidence, Mike brought the issue to senior leadership, exposing the individual’s elaborate yet low-tech fraud.

Network of Deception

Mike’s story didn’t end there. Years later, as a manager, he uncovered a larger fraud scheme involving forged travel documents, fake payees, and a team of conspirators. The fraudster manipulated multiple touchpoints: obligations, payments, and document destruction to avoid detection.

By following leads provided by whistleblowers, Mike discovered checks issued to nonexistent individuals. Despite the painstaking manual work required—sifting through files, canceled checks, and handwritten records—the fraud amounted to over $60,000 (a significant sum at the time). And although justice was served, the case highlighted systemic gaps that fraudsters could exploit.

The Human Factor in Fraud

One thing became clear in these cases: Fraud always involves people. Whether it’s a lone actor or a network of conspirators, human behavior drives the schemes. Some start small, testing the system’s vulnerabilities. Others escalate, roping in coworkers or even family members.

Interestingly, Mike observed that the signs were often glaring—sudden displays of wealth, unusual behaviors, or even hostility when confronted. Yet uncovering the fraud required persistence, transparency, and systems capable of capturing and connecting the dots.

AI, Data Transparency, and Blockchain

Fast forward to today: Many of the vulnerabilities Mike encountered have been addressed with technology. Automated systems, blockchain for immutable records, and AI-driven fraud detection can quickly identify anomalies and track patterns across vast datasets.

But as Mike notes, technology alone isn’t enough. Human oversight, domain expertise, and transparency remain critical. Fraudsters are adaptive and innovative staying ahead requires tools that think like they do, combined with professionals who understand the systems they aim to protect.

Lessons Learned for the Future of Fraud Prevention

Mike’s journey offers timeless lessons for fraud prevention in any era:

  1. Trust the Red Flags: Even minor anomalies, like a ringing phone, can be clues to bigger problems.
  2. Encourage Transparency: Whistleblowers are vital. Building a culture where employees feel safe coming forward is key.
  3. Invest in Systems and People: Technology can streamline fraud detection, but skilled professionals remain essential.
  4. Focus on the Network: Fraud rarely happens in isolation. Social network analysis tools can uncover hidden connections and prevent schemes from escalating.

Fraudsters Beware: The Age of AI Fraud Detection

 

Mike’s final takeaway is both a warning and a promise: “Fraudsters, beware. Technology is closing the gaps you exploit. The smarter our systems get, the harder it will be for you to hide.”

 

And with TrackLight’s cutting-edge tools—combining AI, social network analysis, and a team of seasoned experts like Mike—the fight against fraud is far from over.

Fraud may adapt, but so does the vigilance of those determined to stop it.