ACFCS Announces New Focus on Cyber-Enabled Fraud and Cybercrime

Initiative to Bring New Resources, Collaboration and Training to Help the Community Take on the Global Surge in Cyber Threats

During pandemic lockdowns, national and state governments pumped money into economic relief programs with remarkable speed, and fraudsters moved nearly as fast to exploit the same programs for breathtaking ill-gotten gains.

In the US and around the world, national lending programs for businesses and state unemployment benefits were hit with fraud on a vast scale, with hundreds of billions of estimated losses tied to domestic grifters and international organized crime groups. It’s easy to focus on the eye-popping numbers of fraud losses, while forgetting they represent immense harm to individuals, companies, and governments.

On an individual level, economic hardship and more time spent online have also opened the doors to a wide range of fraud schemes, from romance and lottery scams to money mule recruitment masquerading as fraudulent employment offers.

This epidemic of fraud has major implications for financial institutions, which have been faced with identifying fraudulent transactions, collaborating with law enforcement and even returning fraudulent funds. Law enforcement and government agencies have fought valiantly to identify and prosecute criminals, but have often been overwhelmed by the volume and sophistication of fraudulent activity.

As the world eyes a return to some version of normalcy, this surge of cybercrime and cyber fraud is unlikely to recede soon. That’s why ACFCS is launching its Focus on Cybercrime and Cyber-enabled Fraud, offering tools and resources to boost detection and prevention efforts in the public and private sectors.

For the next couple of months, ACFCS will offer webinars focused on diverse aspects of cyber fraud, from emerging trends to long-term risks. We’ll be taking on business email compromise, synthetic ID fraud, cybercrime money laundering trends, and much more. See the line-up below.

A new cyber fraud resource center will feature guidance, documents and links to other organization and initiatives. We are inviting contributions and suggestions from our member community to build the most comprehensive database possible.

Perhaps most importantly, ACFCS will be highlighting the efforts of its members in the fight against cybercrime, through profiles, success stories and more throughout the quarter. We’ll also be giving back, through CFCS scholarships for professionals involved in cybercrime and cyber fraud prevention roles.

Learn more about all the upcoming initiatives and ways that you can get involved below:

Training Webinars

  • On April 13, experts at NICE Actimize shared insights on the fast-growing scourge of synthetic ID and new account fraud – available on-demand here
  • On April 21, hear from seasoned fraud fighter Uri Rivner on the connections between cyber fraud and money mule accounts, and what you can do to respond – register here
  • On April 29, join us to delve into penny stock fraud schemes and red flags with securities compliance pro Becki LaPorte – register here
  • On May 12, get guidance on defending against business email compromise from cyber forensics expert Paul Price
  • Future sessions will explore the connections between cybercrime and crypto, combating online child sexual exploitation, and more

Resource Center

Sharing information and awareness is key to the fight against cybercrime. The new Cyber Financial Crime Resource Page will serve as a knowledge center for financial crime professionals. With your help, it will be updated and expanded over time – learn how you can contribute today!

Ways You Can Get Involved

  • Suggest whitepapers, links, red flag lists, typologies and more to add to the Cybercrime Resource Library
  • Contribute an article related to cyber financial crime to the FinCrime Journal, our bimonthly magazine for members  – Contact Brian Monroe, Director of Content, at bmonroe@acfcs.org for more details.

Scholarships for Cybercrime and Cyber Fraud Detection/Prevention Roles

Are you in a role involved in detecting and preventing cybercrime and fraud, such as a compliance professional, investigator, analyst or regulator? Do you have a colleague that fits this description?

ACFCS is offering ten complimentary CFCS certification packages to individuals who work to detect and prevent cyber threats. Preference will be given to those in the public sector and those new to their career (under five years’ experience). The application period is currently open and will end on Wednesday, May 12. Recipients will be notified by May 17 announced later in that month.

Click here to learn more and apply today.

Member Spotlights

Individuals and organizations are doing amazing work to counter rising cyber threats and innovate against cybercriminals, and it deserves to be highlighted. Over the next few weeks, ACFCS will be profiling individuals involved in cybercrime/cyber fraud roles in its member spotlights.

Are you a member that’s interested in being featured? Contact Brian Monroe, Director of Content, at bmonroe@acfcs.org for more information and to get involved!