Data breaches, hacking and external fraud attempts against Target, Sony and The Home Depot illustrate the need to safeguard against external fraud risks. Specific control issues increase risk, but measures can be taken to reduce exposure to external attacks. Until recently, many organizations discounted risk related to external fraud attempts. Most were only concerned with protecting physical assets such as inventory or fixed assets. Now, due to such highly publicized corporate hacking events, more attention is being paid to external fraud risk of all types. We’ll examine external fraud, and delve into specific control issues that give rise to increased risk. Also, discuss measures that organizations can employ to reduce exposure to external attacks.
Types of external fraud, Considerations as organizations work to reduce fraud risk, External fraud and known parties/External fraud unknown perpetrators.
Business and financial professionals.
Define external fraud. Identify control issues that can give rise to external fraud occurrences. List ways to reduce external fraud risk.
Karl Egnatoff is a Certified Public Accountant (CPA) based in Myrtle Beach, South Carolina. He has worked as a consultant, trainer and programmer related to financial and business technology projects for the past 20 years. Prior to this, Karl worked in public accounting as well as in private sector accounting for a period of approximately six years. He has been teaching group live and web-based continuing education for the past six years. In addition to being a CPA, he is also a Certified Information Technology Professional (CITP).
Karl is a member of the West Virginia Society of Certified Public Accountants, the American Institute of Certified Public Accountants, and the Information Technology Section of the American Institute of Certified Public Accountants. He has also achieved a number of technology certifications including Microsoft Certified Professional (MCP), Certified Software Engineer (CSE) and Certified Integration Developer (CID).
During the course of his career, Mr. Egnatoff has owned and operated a number of successful businesses. All of these were business technology entities that provided consulting and training services. The experience he garnered while with these organizations serves him now as he teaches continuing professional education in association with K2 Enterprises.
Karl graduated from Marshall University with a Bachelor of Business Administration degree. During his time in college he participated in division I Cross County competing on the varsity squad. He was also on Marshall’s Track team. Karl and his wife Lana live in Myrtle Beach, South Carolina and have been married for twenty-four years. They have two grown sons, Jordan and Steven.
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