fraud

St. Louis Sales Exec Indicted For Fake Expense Claims

Authorities on Friday arrested a senior sales director for St. Louis-based cheese wholesaler Swiss American Inc. on three counts of wire fraud related to use of a company credit card. According to a U.S. Department of Justice complaint, Tara Sabatini during 2017 and 2018 used her card for personal expenses including flights and hotel rooms…

Why Use AI For Audits? ‘The Mind Gets Trained To Have A Positive Bias’

The number of fraud examiners using artificial intelligence and machine learning to detect and deter fraud is expected to triple in the next two years. It doesn’t take a supercomputer to understand why manual processes can fall short: complacency is a human trait. “When you are eyeballing transactions and trying to make judgments about any…

Upcoming Visa Rules Have TMCs Scrambling On How To Make Online Airline Buys

[UPDATE, June 14, 2019: Starting June 17, users of Southwest Airlines’ Swabiz corporate booking portal must insert their credit card’s three- or four-digit security code. According to the airline, that includes those using a “Swabiz ghost card” (when card info wasn’t stored before June 17), those using a stored personal card (for the first purchase…

Fraudsters Busted For Stealing $1 Million Through T&E Card, Expense Processes

A Connecticut woman this week pleaded guilty to embezzling more than $1 million from her company during a three-year period to 2016 by exploiting payment and expense reimbursement processes. As much as business leaders would like to trust employees, preventing them from stealing is a big reason to have travel and expense management. Despite corporate…

AppZen: AI For The Back End

You probably won’t find “auditing expense reports” on a list of tasks humans are sorry to see go to bots. Sensing an opportunity in this back end, five-year-old AppZen in early 2016 shifted from the crowded expense software market to auditing. It’s no longer selling a mobile expense app that some big corporate clients like….

Big T&E Fraud Cases Serve As Reminder Of The Many More Small Ones

A once prominent physician is due Dec. 4 at a medium-security prison in Otisville, N.Y., to serve a 366-day sentence for unlawfully obtaining more than half a million dollars in travel expense reimbursements. Dr. Jean-Francois “Jeff” Geschwind this summer admitted to multiple occasions of falsifying expense reports during an eight-year span ending in 2015, according…

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