Are you new to fighting fraud at your institution?
These sites and resources can get you up to speed on how to address the challenges related to fraud and financial institutions and provides practical tools for investigating internal fraud, breaches in cyber-security and more.
Introductory Reading and Resources.
Open-Source Educational Resources
The COVID-19 Fraud-Organized Crime Nexus
This webinar, co-hosted by Cifas and RUSI’s Centre for Financial Crime and Security Studies, considered the threats, challenges and responses to the changing fraud landscape and the nexus between fraud and organized crime.
As fraud complaints soar, FTC offers tips, new resource in ‘Scam Bingo’ game
The challenges for financial crime compliance professionals to protect their institutions, and their customers, are only rising as fraudsters, scammers and hackers try to take advantage of the fear and uncertainty of a still-expanding global pandemic, according to a top government agency.
Fraud video series: From common Internet scams to fraudster profiles and more
This series of explainer videos provides a visual and approachable avenue to better understand the types of prevailing and prevalent fraud schemes at play in the real and virtual worlds, including computer and internet scams, the who, what and why for fraudsters and even connections to money laundering.
News, Updates, and Perspectives
From Enron to Madoff, and more: A look at the recent history of the world’s largest frauds
These snapshots of the most notorious names and felonious firms tell cautionary tales of when greed outweighs decency and outwits auditors, investigators and the general public – until they didn’t.
The Ultimate List of Crypto-Themed Exit Scams & How to Spot One
Exit scams have affected thousands of people in recent years and pilfered billions of dollars from investors who thought they would be adding to their coin purse with an initial coin offering (ICO), the virtual asset version of an initial public offering (IPO). cryptocurrency world. Here we list the most important ones and offer some tips on how to spot an exit scam.
Western Union to pay nearly $600 million over failures in AML, fraud and agent oversight
In this seminal enforcement action that more forcefully linked the worlds of fraud and anti-money laundering compliance, the world’s largest money transmitter paid nearly $600 million to U.S. authorities, the largest compliance-related penalty ever against a money services business, for enabling a range of frauds and financial crimes, failures in agent oversight, and not filing thousands of suspicious activity reports.
Practical Tools and Investigation
Fraud Detection Resources for Auditors, including COVID-19 pandemic red flags, general fraud indicators and more
By the U.S. Department of Defense (DOD), Office of Inspector General (IG)
The following links to resources can help increase an auditor’s awareness of possible audit risk factors, as well as their responsibilities for audit planning, executing, reporting, and referring the matter to the appropriate investigative organization when an audit identifies fraud indicators.
FinCEN calling for compliance convergence to better tackle ‘cyber-enabled’ frauds
Financial institutions need to more tightly knit together their anti-money laundering, fraud and cybersecurity teams to better thwart an explosion of online attacks against individuals and businesses, a criminal tactic relying on human error to compromise accounts to the tune of billions of dollars, an incursion vector called “cyber-enabled fraud.”
Whitepaper: The thief on your payroll – Detecting and preventing internal fraud losses
Internal fraud – also called occupational fraud or employee fraud – occurs when an employee, manager or executive commits fraud against his or her own company. It has been consistently pervasive and accounts for losses of 5 percent of yearly revenue, according to the Report to the Nations on Occupational Fraud and Abuse: 2014 Global Fraud Study conducted by the Association of Certified Fraud Examiners (ACFE).