Book Review: Faces of Fraud
Fraud is a lifetime enemy in human existence that leaves financial and emotional loss on its victims. Although fraud cannot be eradicated entirely, it can be prevented and minimized. Faces of Fraud is a book authored by a fraud-fighting expert, Martin T. Biegelman, who compiles fraud-related theories as well as prevention methods and actual cases in first-person narratives.
Through the fourteen chapters in the book, the author shares actual cases which he handled during his 40 years of career. Not only did he share how fraudsters’ mind work along with the resulted various fraud schemes, he also proposes ways to outwit fraud, the do’s and don’ts for fraud examiners in handling fraud case, and qualities fraud examiners should also possess.
He also shares best practices in fraud detection, investigation, and prevention. For example, in chapter three, he elaborated that imagination is a powerful tool which examiners need to use, especially when the need to obtain evidence is the most challenging. Although most of the cases elaborated in this book are related to mail and wire fraud – considering that Biegelmen spent decades of his career as a Postal Inspector – the fundamentals of fraud in general are well delivered.
Biegelman compiled the stories in this book in a way that is useful and recognizable for not only fraud examiners, but also individuals and organizations.