Archive: Financial Crime
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Aug 12, 2009
No CommentsInternal fraud is amongst us
Banking 101 dictates that dual control is the solution and safeguard against internal theft and fraud. Over and over, we are seeing cases where fraud has been successfully committed over extended periods of time and into the millions of dollars, where the “collusion” of two employees has made it possible. That very thought is the bedrock that...
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Jun 29, 2009
No CommentsNew Account Fraud can be controlled
By Kevin Byrne, Senior Regulatory Consultant, Wolters Kluwer Financial Services After reading the article below, you wonder how a person can successfully perpetrate new account fraud via identity theft at a financial institution (FI). Simply put, it shouldn’t happen. ID theft is now “old news” and we all know how the thieves get the information...
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May 18, 2009
No Comments“Gang” bilks $500k from Credit Union
While crooks are always out there trying to be “one step ahead” of the good guys attempts to thwart crimes, Financial Institutions (FI’s) see motivation for attacks from multiple angles. Not only do the FI’s have to be concerned about criminal activity from outsiders and employees, now add customers to the mix as well. Today’s tough...
