Mission Statement

The Institute for Fraud Prevention (IFP) is dedicated to multidisciplinary research, education, and prevention of fraud and corruption. IFP’s primary goal is to improve the ability of business and government to combat these crimes and to educate the general public on effective methods of recognizing and deterring them. The IFP draws on the talents and resources of domestic and international universities, as well as top experts from around the world to shed light on the root causes of fraud, the methods by which it is committed and the scope of its damages. The IFP functions as central repository of fraud-related knowledge; actively disseminates its key findings and serves as a catalyst for the exchange of ideas among those with an interest in deterrence, detection, prevention, and punishment of fraud and corruption.

Why IFP was created

While recent statistics show that violent crime is diminishing across the country, fraud is on an unprecedented upward spiral. Fraud causes more direct financial loss than all other property crimes combined. In addition, the indirect consequences of fraud are taking an even higher, if less obvious, toll characterized by a decline in trust by investors and consumers.

Additionally, while over a million police officers, correction and justice officials fight blue collar crime and drug offenses, only a comparative handful of professionals are focused on corporate fraud and corruption. Even fewer are versed on how to detect and prevent the often sophisticated and devious approaches of perpetrators. As well, anti-fraud training for business and accounting professionals is sorely lacking during both their academic and professional careers. 

IFP seeks through its research and education agendas to assist all classes of fraud victims. There is a huge need unmet by law enforcement, regulators, corporations and individuals for the advantages of this comprehensive approach.

For the first time:

• Those involved in the fight against fraud will have a single source where they can turn for the latest and most important findings, including unprecedented collections of data on fraud
• The knowledge void that has worked to the advantage of fraud perpetrators will be reduced at all levels from government to consumers
• The business community, consumers and investors, non-profit associations and government can come together to develop more effective anti-fraud programs
• Graduate and undergraduate students will gain a multi-disciplinary knowledge of anti-fraud strategies and methodologies
• Dissemination of information on fraud will be swift and broad-based utilizing a variety of appropriate venues including monographs, Web sites, emails, classrooms, seminars and e-publications

These initiatives have been brought to bear for the initial round of studies on the detection and prevention of financial fraud; specifically under the subjects of control overrides in financial statement fraud, Identity Theft, and Procurement fraud.  As funding and partnerships grow, organizations that join will have the opportunity to shape the specific research that is conducted.

Consulting

The IFP has served as a consultant to the World Bank in developing a major anti-corruption initiative, the Voluntary Disclosure Program.

The IFP was retained as a consultant by the Texas Comptroller to assist in an investigation of fraud and internal control deficiencies at ERCOT.