Get the tools you need to identify and fight crypto fraud

In the United States, approximately 28% of adult individuals, or about 65.7 million people, own cryptocurrency as of January 2025, according to a report by Security.org.  

If a CPA hasn’t encountered bitcoin or cryptocurrency on a client’s balance sheet or in a client portfolio yet, it’s just a matter of time. But because bitcoin and cryptocurrency are so new, “Most CPAs don’t really know what to do with crypto,” said Nick Ward, CPA, CBP, co-founder and partner at The Network Firm. “The space can be confusing.” 

Ward will be presenting a session, Crypto Fraud - Red Flags and Tools for Fighting Fraud, at the 2025 OSCPA Fraud and Forensic Conference on Aug. 21. 

Ward himself began learning about bitcoin and cryptocurrencies nine years ago when a friend who had invested in bitcoin began asking tax questions. Ward was able to help his friend work through those tax issues, but what he found really fascinating was how the transactions were recorded and visible on Bitcoin’s network using a block explorer - an online tool that enables users to search for real-time and historical information about a blockchain, including data related to blocks, transactions, addresses and more. 

“I could see the transparency of the network, and as an auditor, I thought it could be amazing,” he said. “If I could identify my clients’ digital wallets, and prove they owned them, that solves a lot of the battle in an audit.” 

Ward set out to learn everything he could, eventually partnering with his colleagues to found The Network Firm, an accounting firm entirely focused on the bitcoin and cryptocurrency space.  

Ward said that while the cryptocurrency space is new and presents technical aspects different from traditional assets, the audit assertions remain the same. It’s critical for CPAs to be educated and prepared for encountering digital assets as that will assist them in addressing the audit assertions or tracking activity to be recorded properly from an accounting or tax viewpoint. “You’re very likely to come across it in any fraud or forensics case, including divorce cases, valuations, litigations or after a hacking. Crypto is still a very common form of payment in a ransomware attack for example.” 

Ward’s presentation at the Fraud & Forensic Conference will provide an overview and understanding of Bitcoin and the different types of cryptocurrencies, including examples of where CPAs might encounter cryptocurrencies. In addition, he’ll provide information about the tools available and how they can be used in different scenarios. 

Ward emphasized that even if it hasn’t happened yet, one of your clients is going to be using digital assets. “It’s going to be part of something in your work, and you want to be prepared to advise clients appropriately,” he said. “Part of that is knowing what you don’t know, looking ahead, and being prepared for what’s coming, so when it happens, you can offer expertise and point them in the right direction.” 

In addition to Ward, expert speakers at the Fraud & Forensic Conference will cover: 

• Novel ways of finding fraud 
• Strategies to diagnose irregularities in bankruptcy 
• Methods of tracking fraud between fiat and cryptocurrencies 
• Effective manners of investigating money laundering 
• Current trends and updates to fraud cases throughout finance, and more! 

Register todayfor the 2025 Fraud & Forensic Conference. Group discounts are available. Call Member Services at 614.764.2727 to register your group.