Oversight Systems

Agro Exec In Washington State Accused Of Stealing Half A Million By Using Non-Preferred Travel Management Company

[UPDATE, July 8, 2021: Claypool on Wednesday was sentenced to three years in federal prison. He agreed to forfeit $7.8 million in “criminally derived proceeds” after already paying more than $8 million in restitution.] The U.S. Attorney for the District of Oregon charged former grass seed company executive Christopher Claypool with multiple counts of wire…

How To Break The Bond Between Corporate Travel Management And International Criminal Activity

It was a record year for U.S. federal prosecution of corruption and fraud. The Justice Department Criminal Division in 2019 charged more individuals, and secured more guilty pleas, for violations of the Foreign Corrupt Practices Act than in any year since it was enacted four decades ago. This topped the previous two years, which were…

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…

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…

Privacy Shield Alive For Now As Europe, U.S. Set Annual Review

[UPDATE, Oct. 25, 2017: The European Union affirmed the Privacy Shield framework following its first annual review. It announced some recommendations about how companies should communicate participation, and ways the U.S. Department of Commerce can ensure the agreement’s integrity. Recent adopters of the framework in corporate travel include ATPI, Colpitts, Radius and Travel Incorporated.] A…

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