Fraud Examiners, Investigators and Analysts
In mid-2022, one of the largest embezzlement crimes Egyptian banks have seen in decades took place at one of Egypt's biggest banks. A high-ranking employee at the National Bank of Egypt managed to steal huge sums from customers' balances, exploiting his position and his knowledge of customer accounts and data, transferring 22 million Egyptian pounds from depositors' balances into personal accounts he held at other banks outside Egypt. Examples of these kinds of financial crimes are countless, and they've happened before at many businesses and financial institutions around the world. Embezzlement may be one of the most prominent forms of fraud and financial crime, since we hear about it from time to time, but it's not the only one — there are different types of financial crimes, such as: - Financial statement fraud: this involves deliberately misrepresenting financial information in financial statements to deceive investors or creditors. - Bribery and corruption: this includes offering or accepting bribes to influence the decisions of people in positions of power. - Money laundering: this involves concealing the origin or ownership of money obtained illegally by making it appear to come from a legitimate source. - Ponzi schemes: this involves using new investors' money to pay returns to earlier investors, creating the illusion of a profitable investment opportunity. Because of this, various financial institutions and businesses hire experts and specialists capable of detecting the manipulation of dishonest employees and uncovering the fraud and theft they commit. In the world of finance and business, these specialists are called "fraud examiners." Fraud examiners analyze financial records, such as bank statements, tax returns, and invoices, to identify patterns or anomalies that might indicate fraud. Once fraud or theft is discovered, they conduct investigations to gather evidence and interview witnesses and suspects.
Meet the Writer: Waleed Abo Omiraa
What You'll Actually Do
The core tasks and responsibilities that fill a typical day.
- Maintain knowledge of current events and trends in such areas as money laundering and criminal tools and techniques.
- Train others in fraud detection and prevention techniques.
- Research or evaluate new technologies for use in fraud detection systems.
- Prepare evidence for presentation in court.
- Negotiate with responsible parties to arrange for recovery of losses due to fraud.
- Conduct field surveillance to gather case-related information.
- Testify in court regarding investigation findings.
- Advise businesses or agencies on ways to improve fraud detection.
- Review reports of suspected fraud to determine need for further investigation.
- Prepare written reports of investigation findings.
- Recommend actions in fraud cases.
- Lead, or participate in, fraud investigation teams.
- Interview witnesses or suspects and take statements.
- Design, implement, or maintain fraud detection tools or procedures.
- Gather financial documents related to investigations.
- Evaluate business operations to identify risk areas for fraud.
- Document all investigative activities.
- Create and maintain logs, records, or databases of information about fraudulent activity.
- Coordinate investigative efforts with law enforcement officers and attorneys.
- Conduct in-depth investigations of suspicious financial activity, such as suspected money-laundering efforts.
- Analyze financial data to detect irregularities in areas such as billing trends, financial relationships, and regulatory compliance procedures.