$200 million-worth in automobiles, electronics and gold was purchased on some 25,000 fraudulent credit cards in an 18-person crime ring, prosecutors allege.
Conducting investigations within a security organization is very different than an episode of Miami Vice– from the timeframe to the interviews to, probably, the color of the investigator’s blazer. The process isn’t as thrilling as TV makes it out to be, but, as ACFE President and CEO James Ratley knows, that perception can work in your favor
Cyber criminals are using a variety of methods to steal money from victims' bank accounts in illegal wire transfers, sometimes even raising the limit of a transfer to get more money.
Get to know Charles E. Andrews, Director of Security for the TeleCheck business at First Data, a payment processing company that provides merchant transaction processing services: credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions.
Unlike most other crimes, employee fraud involves both deception and an abuse of the trust that has been placed in the perpetrators as part of their professional roles. Most fraudsters also undertake specific efforts to conceal their crimes. This combination of factors makes fraud schemes particularly difficult to detect – which, in turn, allows the frauds to continue uninterrupted and the losses to multiply.
Whistleblower tips are the most common method of detecting occupational fraud. Research by the Association of Certified Fraud Examiners shows that more than 60 percent of frauds are uncovered by tips; in organizations with a hotline in place, tips expose more than half of all frauds. Further, nearly 40 percent of tips are received from internal employees.
