Legal Committee Video Conference: Emerging Fraud Trends During the New Norma

Emerging Fraud Trends During the New Normal

On June 26, to over 30 attendees, AMCHAM’s Legal Committee hosted a videoconference titled: Emerging Fraud Trends During the New Normal.

Legal Committee Co-Chair Christopher Knight introduced guest speaker Shin Honma, Risk Consulting and Forensic Services leader for PwC Thailand. Fraud is often most virulent during downturns and crises – both of which we are experiencing with the covid-19 pandemic.

Shin who has over 20 years of experience assisting global companies with issues related to fraud, bribery and corruption, employee misconduct, crisis management, and risk management shared his insights on how organizations can place internal policies and governance in place to protect themselves from fraud.

He gave details of the Thailand Economic and Fraud Survey 2020 conducted by PWC Thailand which revealed a lower number of fraud experience in Thailand. This number was lower than the global numbers as fraud is not being detected or investigated according to Shin.

Shin explained key fraud scenarios and presented case studies on what constitutes bribe, asset misappropriation, and conflict of interest. He explained the fraud triangle- employee opportunity, pressure or rationalization to commit fraud due to fear of loss of job, and shared steps that company leaders could take to educate their workforce on corporate governance and ethics.

During covid-19 we have seen a spike in phishing emails, fake charitable organizations seeking donation, employment scams, and payment frauds. Shin shared 5 steps for better preparedness in the time of covid-19.

The event was followed by a question and answer session. AMCHAM members asked questions on best practices to mitigate risk. The event was very valuable to our members due to the lack of access to information on this topic in Thailand.  The presentation and the video are both available on the AMCHAM member portal.

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