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:
- 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