3 instances where e-mail mining for fraud detection could've prevented financial loss
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3 Instances Where E-Mail Mining For Fraud Detection…
Could’ve Prevented Financial Loss
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Do You Recognize Any Of These Corporate Fraud
Headlines?Breaking
News
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It’s ok if you don’t remember…
because we’ll give you all of the details!
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The databahn Times
Mike Kail
Senior Netflix executive receives bribesCase # 1:
• Mike Kail was the former VP of Information Technology Operations
• Kail made a deal with IT service providers to receive bribes of 12% - 15% of the total deal value
• Kail earned $490,000 in kickbacks
• Netflix uncovered the fraud after Kail left
• Netflix uncovered e-mails discussing “referral fees”
• Kail got away with the crime because he was an upper-level employee
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The databahn TimesBritish software company,
Autonomy, falsifies numbersCase #
2:• HP acquired Autonomy for $11.1 billion in 2012
• HP discovered Autonomy misrepresented its finances – by $5.55 billion
• HP filed a $5.1 billion lawsuit against Autonomy
• E-mails were discovered between the former CFO and founder
• Included the phrases “covered up” and “imaginary deals”
• E-mails were checked and the truth was discovered after the deal had gone through
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The databahn TimesFormer law partner shares private
information with opposing attorneyCase #
3:
• A former law partner at Willkie Farr & Gallagher, Keila Ravelo, had suspicious communications with the opposing counsel
• Ravelo had an established friendship with the opposing counselor
• The law firm found e-mails and attachments concerning the American Express litigation
• The opposing counselor sent Ravelo documents secured under the American Express litigation protective order
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What These Headlines Have In Common…
Besides Fraud
The frauds were all detected in the
company e-mail!
FRAUD
!
?
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Proof of Fraud: Autonomy E-mail
From The Telegraph
E-Mail conversation between the CFO and founder
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E-mail Mining Would Have Saved…
Time
Money
Median fraud duration in 2014 was 18 months
Median loss in 2014 was $145,000
*stats from Association of Certified Fraud Examiners’ Report to Nations
Mining
ReputationYour reputation is immeasurable
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Internal Fraud Can Happen To Any Company
Small Company
Large Company
You need to implement a proactive approach!
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You’ve Seen Enough Fraud In The News...
YOU
Don’t become the next headline!
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